Berachain, the bear-themed EVM-identical layer-1 blockchain, has launched its native token, BERA, on the mainnet, with listings on leading centralised exchanges (CEXs). In addition to the launch, the Berachain team airdropped $1.1 billion worth of the token to its community of early supporters, taking the market by storm.
BERA coin price on Binance, Conbase, and OKX started at $1 and shot up by over 630% to $15 on Thursday before easing to trade at $7.59 at the time of writing. The spike came at a time when the wider cryptocurrency market is on a bear run, with more than $400 billion lost in the last two weeks.
What is BERA Coin and How Does Berachain Work?
The Berachain architecture has attracted substantial interest from the cryptocurrency community due to its unique proof-of-liquidity (PoL) consensus mechanism and EVM capabilities. PoL distributes rewards validators according to the amount of liquidity provided and the rewards are in a native reward token, different from a governance token.
In Berachain’s case, the $BTG token is the non-transferable governance token while $BERA is the gas token. The PoL mechanism is seen as a solution to the challenge faced by Proof of Stake (PoS) blockchains where validators have to lock up the native token on the consensus layer. By providing a soulbound governance token (non-transferable) and a gas token, PoL enables users to stake their assets on the Berachain mainnet without limiting them from use in DeFi.
By providing an EVM-identical L1 blockchain, Berachain enables developers to seamlessly transfer applications created on EVM to Berachain without having to change the underlying code. That also means that it easily adopts to any update to the EVM code base. Also, with just 500 million tokens in supply, the BERA coin price is likely to experience consistent growth.
BERA Coin Price Prediction
BERA coin price pivots at $7.79 and resistance at that level signals that the sellers are in control. The coin is likely to head downward and find the first support at $7.07. However, a stronger momentum will break below that level and test $6.05.
Conversely, the momentum will shift to the upward if the BERAUSD pair breaks above $7.79. The next barrier will likely be at $8.68.The downward narrative will become invalid if the coin breaks above that level. In addition, extended control by buyers could clear the path to test $9.47.
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