The broader market is still bleeding today, with BTC down another 1% or so, while BERA surged from its low of 0.0965 on 11/12 to around 0.129 in one go—a bounce of about 34%.

I looked around, but couldn’t find any announcements from the project team, new listings, or partnerships. The price action is moving entirely on its own. Binance spot trading volume over 24 hours was more than $11 million. For a coin with a market cap of just tens of millions, that’s enough money to push the price around hard.

But what concerns me more is another set of figures: Berachain’s on-chain TVL on DefiLlama peaked at $3.3 billion in March 2025, but now it’s down to just over $30 million—a drop of nearly 99%. Most of the money that came in initially, attracted by Proof of Liquidity, has basically left.

Looking back, its daily close was still above 0.25 in early October. Even after today's rebound, it's still nearly halfway short of where it was then.

So my take is: this looks more like short covering after being oversold, not a recovery in fundamentals. If you're chasing it, remember that a rally without any news can reverse just as quickly.

Do you think BERA has bottomed, or is this a dead-cat bounce?

#Berachain #山寨币 #链上数据 $BERA $BTC