BEAT token surged 28% to $5.44 on June 10, extending its weekly gain to 343%. A short squeeze liquidated $4.2 million in bearish positions as open interest climbed 20% to $303 million. The token's RSI at 94.54 signals extreme overbought conditions.
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BEAT rallies 28% to $5.44 as short squeeze fuels 343% weekly gain
BEAT token rose 28% to $5.44 on June 10, extending a 343% weekly gain as a short squeeze forced $4.2 million in bearish positions to close.
"Short squeezes in smaller-cap tokens can accelerate rapidly once open interest exceeds spot liquidity," Jason Wu, on-chain analyst at Edgen, said.
Open interest climbed 20.44% to $303.49 million, Coinglass data shows, while futures volume reached $1.57 billion over 24 hours. Short liquidations totaled $4.2 million across Bybit, OKX, Bitget, Gate and Binance, compared with just $122,130 in long liquidations. The token's relative strength index hit 94.54, well above the overbought threshold of 70.
BEAT now faces resistance at $5.79, with the psychological $6 level as the next upside target. A failure to hold $4.80 would shift focus to the $4 to $4.20 support zone. The project reported burning 770,545 BEAT tokens between June 1 and June 8, with weekly revenue of about $2.87 million.
Audiera's market value reached about $1.54 billion, with a 30-day return of 930.62%. The rally unfolded as the broader crypto market declined, with Bitcoin trading near $61,000 and Ether, XRP, Solana and BNB all recording daily losses. The total crypto market value fell by more than $60 billion.
Pseudonymous market observer 0xNox said several large traders have repeatedly opened long positions near the current price, linking that pattern to BEAT's fivefold rise over roughly 10 days. The claim has not been independently verified.
Only about 288 million to 290 million BEAT tokens circulate from a maximum supply of one billion, giving the token a fully diluted value above $5 billion.
This article is for informational purposes only and does not constitute investment advice.
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