The surge in Beercoin’s value coincides with the culmination of a major token burning event, scheduled to end today, June 10, at 1 PM UTC.
Beercoin (BEER) gained the attention of the entire digital asset space, marking an 11% increase in the last 24 hours. BEER is currently trading at $0.0004703.
As per the data from CoinGecko, the 24-hour trading volume has reached $75.5 million, representing a 9.50% increase in one day. The market capitalization for Beercoin has surpassed $400 million as well. It is placed at the 186th spot among the top coins by market cap.
The meme cryptocurrency has been on a bullish streak since May 29 and witnessed an all-time high at $0.0005743 on June 5. The current price is 18.54% lower than the ATH while being 466.56% up from the all-time low seen on May 14 at a price of $0.00008257.
The surge in Beercoin’s value coincides with the culmination of a major token burning event, scheduled to end today, June 10, at 1 PM UTC. The event, designed to reward the community while reducing the total supply of BEER tokens, has generated considerable excitement and participation.
Notably, the “BEERNING MAN” event kicked off on June 6, 2024, sending the meme coin upward by 150% in the last seven days. For every 10,000 tokens sent, participants received one BEERNING MAN ticket, increasing their chances of winning additional BEER tokens.
As the event draws to a close, a snapshot of all tokens sent to the designated address will be taken. 50% of these collected tokens will be burned to reduce the circulating supply while the remaining 50% will be distributed to lucky participants, who stand a chance to win 2-3 times the number of tokens they initially sent. The team aims to both incentivize participation and enhance the token’s value by reducing its supply with this dual approach.
Beercoin Community
Beercoin has positioned itself as a meme coin with a mission to serve as a universal currency of enjoyment, transcending social and racial barriers. This has helped foster a vibrant and engaged community. The recent surge in trading volume and market cap is a testament to the strong interest in the project.
Looking ahead, the Beercoin team has plans to list the token on centralized exchanges (CEXs), as outlined in their roadmap. This strategy will further increase the token’s visibility, potentially driving its value even higher.
The recent performance of Beercoin highlights the potential of community-driven projects in the cryptocurrency space. Recently, a massive surge in the popularity and price of Notcoin (NOT), a viral Telegram-based game, was witnessed with overwhelming support from the community.
Similar movements were recently shown by Floki Inu (FLOKI) and other meme coins based on the Solana blockchain. The market capitalization of meme coins stands at $61.56 billion.
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