Beam Token rises 36% as Merit Circle Network transactions hit all-time high

Merit Circle DAO, a gaming-focused crypto group, has launched its new Beam Network on Avalanche In August 2023. Now, the sub-network seems to be gaining momentum, as its BEAM token is up 36% in the past day and 25% in the past week, according to CoinGecko. Data.

At the time of writing, BEAM is trading at around $0.022, close to its high of $0.027 seen on December 14th.

The Beam subnet has seen an overall increase in transactions on the network since mid-December, peaking at over 103,000 transactions on the Avalanche network every Wednesday. Data. And above Half a million Generic wallet addresses are busy with Beam's blockchain after they start working.

Last month, the team behind the Beam blockchain also added one powered by Polygon. immutable zkEVM blockchain A list of compatible chains for the Sphere NFT marketplace and a wide range of technology stack offerings. Although Wednesday saw price losses on the Bitcoin revival. Flash failurethe volatile IMX token rose by approximately 4% in the previous day but was still down 4.6% in the past week. CoinGecko.

While the BEAM token dropped to 9.5% on Wednesday, it has already rebounded significantly, with Top 20 other game-focused cryptocurrencies At market price. Apart from BEAM, only the Merit Club Management token and the Child Guild Games token saw double-digit percentage gains in the gaming space during Wednesday's dive.

Why is the BEAM leaking? One is self-explanatory beam “maxi” Recommended Decrypt With the message that there may beFOMO Rush to buy the token, thereby driving up its value (in crypto, “maxis” or “maximalists” typically buy, promote and believe in the future of a particular crypto token and criticize other tokens).

said Marco van den Heuvel, co-founder of Merit Club. Decrypt With a message stating that Beam's marketing slump is likely due to the activity of “one or two” games that are “partially deployed” on Beam so far, as Sides of Balathon And Nekoverse: City of Greed. But memecoins like BeamCat are seeing activity, entry A total of over $290,000 Traded on GeckoTerminal data for the last 24 hours.

Notably, Beam's official Twitter account was recently suspended—although the Merritt Circle account remains live. Heuvel said. Decrypt In a message he believed the Beam account had been taken down “because of the high number of fake accounts reported.”

Heuvel said Beam account impersonators have already surfaced in an attempt to scam users, and the team has contacted Twitter support to address the issue.

Edited by Ryan Ozawa.