The Berachain token continues to decline in value following its recent listing on a major cryptocurrency platform, despite support from large exchanges.
Financial Performance of Berachain Token
As of Saturday’s closing, Berachain's token value dropped by 27%, reaching approximately $5.99. This decline occurred after its listing on Crypto.com, as well as on other major centralized exchanges like MEXC, Upbit, and Bithumb.
Berachain Project and Its Unique Approach
Berachain officially launched on February 6, after more than a year in anticipation. The project secured over $100 million in funding and presents an unusual blockchain system based on a Proof of Liquidity consensus model, distinguishing itself from traditional Proof of Stake systems. The project was originally developed from the Bong Bears NFT collection, consisting of 100 unique cannabis-themed NFTs launched on the Ethereum blockchain in August 2021.
Market and Criticisms of Berachain
Despite Berachain's innovative approach, some industry representatives have expressed concerns over its early funding strategy. They point out that the project initially sold NFTs before shifting focus to blockchain development. The drop in token value after recent listings raises questions about market confidence in the sustainability of its liquidity-driven model.
The decline in Berachain token value following major exchange listings raises important questions about its long-term viability and market confidence.
