Berachain (BERA) Tumbles 27% Despite Multiple Exchange Listings

Berachain is down over 27% at last check Saturday, trading around $5.99 following its recent listing on Crypto.com.

The price of BERA, the native token of the recently launched Berachain, has seen a significant decline of over 27% at the last check on Saturday. The token was trading at around $5.99, a stark contrast to its initial price.

The steep drop in the token's value is particularly noteworthy given the extensive exposure and support that Berachain has received.

Its listing on major centralized exchanges, including MEXC, Upbit, and Bithumb, was widely anticipated and expected to bolster demand for BERA.

Despite these efforts, the token has faced strong selling pressure, leading to its substantial price depreciation.

Berachain, spearheaded by its pseudonymous founder "Smokey," finally went live on Feb. 6, following over a year of anticipation.

During this period, the project notably secured over $100 million in funding, further heightening expectations.

The genesis of Berachain can be traced to the Bong Bears NFT (non-fungible token) collection, which launched on Aug. 26, 2021, on the Ethereum blockchain.

This collection comprises 100 unique, cannabis-themed bear NFTs.

The project describes itself as the "first fully decentralized Layer 1 blockchain to be funded, governed, and powered by NFT holders."

While Berachain has garnered attention for its innovative design and approach, some industry executives have raised concerns regarding its early funding strategy.

As reported by Blockworks, one critic takes issue with the project selling NFTs first before pivoting to blockchain development.

The substantial price drop of BERA, despite the recent exchange listings, raises questions about market confidence and the sustainability of its liquidity-driven model.