Beam Token Surges 36% as Merit Circle Network Achieves ATH
Beam Token, part of the Merit Circle Network's gaming-focused crypto group, has witnessed a remarkable 36% increase in the past day, coupled with a 25% rise over the week. As the crypto community eagerly watches this ascent, it becomes imperative to delve into the factors behind Beam Token's recent pump and the developments that contribute to its growing prominence.
The Beam Network on Avalanche:
Merit Circle DAO introduced its Beam network on Avalanche in August 2023, targeting the gaming sector. The latest data from CoinGecko reveals that the BEAM token is now priced at approximately $0.022, inching closer to its all-time high of $0.027 recorded on December 14. The surge coincides with an upswing in the total transactions on the Beam network, hitting a new peak of over 103,000 transactions on a single day in mid-December. Furthermore, more than half a million wallet addresses have engaged with Beam's blockchain since its launch, highlighting the network's growing user base.
Sphere NFT Marketplace Expansion:
A noteworthy development for Beam is its recent integration of the Polygon-powered Immutable zkEVM blockchain into its ecosystem. The addition extends compatibility to the Sphere NFT marketplace and the broader tech stack offering. Despite Wednesday's price dip following Bitcoin's flash crash, Immutable's IMX token has rebounded by approximately 4% in the past day. This move strengthens Beam's position in the NFT space, showcasing its commitment to expanding the utility of its blockchain.
Gaming Catalysts:
Merit Circle co-founder Marco van den Heuvel suggests that the recent surge in Beam's transactions can be attributed to the activity generated by "one or two" games that have partially deployed on the Beam network. Games such as Goons of Balatroon and Nekoverse: City of Greed have contributed to the increased network activity. Interestingly, memecoins like BeamCat are also experiencing heightened trading activity, registering over $290,000 in total volume traded in the past 24 hours according to GeckoTerminal data.
FOMO Rush and Community Sentiment:
One self-described Beam "maxi" speculates that the surge in BEAM token price may be fueled by a "FOMO rush" among investors. In the cryptocurrency realm, "maxis" or "maximalists" are known for their unwavering support of a specific token. This community sentiment, coupled with the uniqueness of Beam's gaming-focused approach, could be driving the token's rapid appreciation.
Challenges and Impersonation:
Despite the positive developments, Beam has faced challenges, with its official Twitter account recently suspended. Heuvel attributes this to a barrage of reports from fake accounts. Beam account impersonators have also emerged, attempting to scam users. The Merit Circle team is actively addressing these issues, reaching out to Twitter support to resolve the suspension and safeguard the community from potential scams.
Conclusion:
As Beam Token continues its upward trajectory, fueled by gaming partnerships, NFT marketplace expansion, and community enthusiasm, it stands as a notable player in the evolving crypto landscape. However, challenges such as social media account suspensions and impersonations underscore the need for vigilance in the volatile crypto space. As the Beam community awaits further developments, the token's recent surge raises intriguing questions about the future of gaming-focused cryptocurrencies and their potential impact on the broader blockchain ecosystem.
