Berachain’s price faces severe heat against the backdrop of broader market volatility, now showcasing an alarming downward spiral and losing 14% in a day. The recent hot buzz of the market has fallen from glory, trading at the $5 level after a high of $15. As a response, traders and investors question the asset’s potential to offer gains ahead, whilst BitMEX co-founder Arthur Hayes provided further insights into the price crash.
Berachain Price Slumps, Arthur Hayes Comments
As of press time, Berachain price witnessed a sharp 14% decline intraday and traded at $5.02. The coin’s 24-hour low and high were $4.76 and $5.93, respectively. Notably, the token dropped amid a broader crypto market slump after surging roughly 400% in a week.
The alarming price drop has pushed renowned market experts such as Arthur Hayes to break the silence on the matter. Hayes stated, “All you shitcoin founders about to TGE. Work with your market makers and exchange partners to open the market at lower prices.”
Notably, the BitMEX co-founder deems the crash to be a result of the asset’s price being too high rather than the project being of less utility. These statements reverberated concerning ambiguity surrounding BERA price’s future prospects.
Top Market Expert Joins The Fray
Simultaneously, renowned market expert Michaël van de Poppe further conveyed support for Hayes’ statements on X. Michaël deems listing at lower valuations as the key to building up an organic chart.
In turn, market watchers continue to question Berachain’s long-term sustainability as a crypto project. “Ultimately, in the coming years, this also leads to VC rounds at significant lower valuations,” Michaël concluded.
Supply Unlock Adds Pressure On Berachain Price
Meanwhile, the coin’s price faces pressure amid another bearish market aspect. According to ‘Orderly Network’ DEX on X, 2.6% of the total BERA supply unlocks today. The heightened supply pressure further aligns with the token’s current price crash, with even future movements at risk.
Blockchain advisory and investment firm Moonrock Capital CEO Simon further posted on X, spotlighting how the coin is down nearly 70% from its peak. The CEO stated, “Another prime example of why airdrops are nothing but bullshit.” This statement has sparked bearish concerns surrounding the asset’s price despite the BERA listings and TGE gaining significant traction across the market.
The post Berachain Price Drops 14%, Arthur Hayes Breaks Down the Crash appeared first on CoinGape.
