BEERCOIN Price Plunges After Recent Gains, Traders Turn Attention to New Meme Coin Base Dawgz
After a period of explosive gains, BEERCOIN (BEER) has taken a tumble.
The meme coin has plunged almost 50% since Monday and is now trading around $0.00030.
However, investors are still buzzing about the new Base Dawgz (DAWGZ) token – which aims to combine multi-chain features with a hilarious meme design.
The Rise & Fall of BEERCOIN
BEER went on an absolute tear after launching on Solana-based DEXs at the end of May.
This “liquid gold” meme coin soared over 6,300% in the three weeks following its open market debut.
At its peak, BEER had a market cap of $300 million.
The hype was real – BEERCOIN memes and chatter flooded crypto Twitter.
Retail traders began to pile in, and “Beerionaire” quests were highly discussed, compounding the hype.
But just as quickly as it started, the BEER bubble burst.
This week, BEER’s price has dropped almost 50% thanks to a wave of profit-taking from investors.
Spot trading volumes have fallen 31% to $289 million in the past 24 hours, a sign of waning interest.
And looking at the technicals, the selloff could continue in the near term.
BEER is forming a bear flag pattern on the 4-hour chart, which often comes before another price drop.
So, for BEER holders, there could be more pain ahead.
Crypto Whale Manipulation Prompts Selloff from BEER Holders
But what’s behind BEERCOIN’s tanking price?
It’s mainly related to allegations that a crypto whale has been engaged in a calculated pump-and-dump scheme.
Blockchain tracker Lookonchain tweeted that a large holder has been systematically selling massive amounts of BEER to drive the price down.
This spooks smaller investors, who panic sell, compounding the downtrend.
The whale then scoops up more BEER tokens at a lower rate, which increases the price once more.
Again, retail traders buy in, creating fresh FOMO.
Finally, the whale cashes out big by dumping their tokens again – reaping profits and leaving behind bag holders.
This strategy has drained millions from BEER holders’ pockets.
However, BEER’s team tweeted that they were not the source of the selling, which had been a rumor.
Ultimately, the BEERCOIN saga looks to be another example of the risks associated with meme coin investing.
Cross-Chain Meme Coin DAWGZ Continues Surging & Passes $1.3M in Presale
Due to BEERCOIN’s selloff, traders are looking elsewhere for gains.
And one meme coin continuing to show bullish momentum is Base Dawgz.
The dog-themed base jumping token has already raised over $1.3 million in its red-hot presale.
Buyers have been clamoring to get in early on DAWGZ at its current low price of $0.00502 per token.
With hilarious memes, a “Share-to-Earn” promo, and the hype of being multi-chain, the buzz around Base Dawgz is growing daily.
This buzz doesn’t show any signs of going away, either.
In fact, Base Dawgz’s Twitter page just passed 3,000 followers – all in ten days.
DAWGZ has also been featured in top-tier crypto publications like CoinMarketCap, Coinspeaker, and Bitcoin.com.
The token even received a shoutout from YouTuber Jacob Bury.
In a video released last week, Bury speculated that DAWGZ could be the “next 100x potential Base meme coin.”
All this hype is a stark contrast to the poor run that BEERCOIN is currently on.
While BEER capitulates, DAWGZ is showing some serious staying power – even though the meme coin space as a whole is struggling.
So, with DEX listings planned once the presale ends and a staking protocol in the works, this new multi-chain token could be worth watching.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post BEERCOIN Price Plunges After Recent Gains, Traders Turn Attention to New Meme Coin Base Dawgz appeared first on CryptoPotato.
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BEERCOIN Price Plunges After Recent Gains, Traders Turn Attention to New Meme Coin Base Dawgz
After a period of explosive gains, BEERCOIN (BEER) has taken a tumble.
The meme coin has plunged almost 50% since Monday and is now trading around $0.00030.
However, investors are still buzzing about the new Base Dawgz (DAWGZ) token – which aims to combine multi-chain features with a hilarious meme design.
The Rise & Fall of BEERCOIN
BEER went on an absolute tear after launching on Solana-based DEXs at the end of May.
This “liquid gold” meme coin soared over 6,300% in the three weeks following its open market debut.
At its peak, BEER had a market cap of $300 million.
The hype was real – BEERCOIN memes and chatter flooded crypto Twitter.
Retail traders began to pile in, and “Beerionaire” quests were highly discussed, compounding the hype.
But just as quickly as it started, the BEER bubble burst.
This week, BEER’s price has dropped almost 50% thanks to a wave of profit-taking from investors.
Spot trading volumes have fallen 31% to $289 million in the past 24 hours, a sign of waning interest.
And looking at the technicals, the selloff could continue in the near term.
BEER is forming a bear flag pattern on the 4-hour chart, which often comes before another price drop.
So, for BEER holders, there could be more pain ahead.
Crypto Whale Manipulation Prompts Selloff from BEER Holders
But what’s behind BEERCOIN’s tanking price?
It’s mainly related to allegations that a crypto whale has been engaged in a calculated pump-and-dump scheme.
Blockchain tracker Lookonchain tweeted that a large holder has been systematically selling massive amounts of BEER to drive the price down.
This spooks smaller investors, who panic sell, compounding the downtrend.
The whale then scoops up more BEER tokens at a lower rate, which increases the price once more.
Again, retail traders buy in, creating fresh FOMO.
Finally, the whale cashes out big by dumping their tokens again – reaping profits and leaving behind bag holders.
This strategy has drained millions from BEER holders’ pockets.
However, BEER’s team tweeted that they were not the source of the selling, which had been a rumor.
Ultimately, the BEERCOIN saga looks to be another example of the risks associated with meme coin investing.
Cross-Chain Meme Coin DAWGZ Continues Surging & Passes $1.3M in Presale
Due to BEERCOIN’s selloff, traders are looking elsewhere for gains.
And one meme coin continuing to show bullish momentum is Base Dawgz.
The dog-themed base jumping token has already raised over $1.3 million in its red-hot presale.
Buyers have been clamoring to get in early on DAWGZ at its current low price of $0.00502 per token.
With hilarious memes, a “Share-to-Earn” promo, and the hype of being multi-chain, the buzz around Base Dawgz is growing daily.
This buzz doesn’t show any signs of going away, either.
In fact, Base Dawgz’s Twitter page just passed 3,000 followers – all in ten days.
DAWGZ has also been featured in top-tier crypto publications like CoinMarketCap, Coinspeaker, and Bitcoin.com.
The token even received a shoutout from YouTuber Jacob Bury.
In a video released last week, Bury speculated that DAWGZ could be the “next 100x potential Base meme coin.”
All this hype is a stark contrast to the poor run that BEERCOIN is currently on.
While BEER capitulates, DAWGZ is showing some serious staying power – even though the meme coin space as a whole is struggling.
So, with DEX listings planned once the presale ends and a staking protocol in the works, this new multi-chain token could be worth watching.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post BEERCOIN Price Plunges After Recent Gains, Traders Turn Attention to New Meme Coin Base Dawgz appeared first on CryptoPotato.
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