Beam (BEAM) has attracted considerable attention in the crypto market over the last few months and set short-lived records of daily averages of traded volumes priced at $0. 03. Since its relist, This became BEAM’s most actively traded day from November to December. The current token behind BEAM has to be rebranded due to the developers spearheading a new change from the older project known as Merit Circle (MC). While it retains the strengths of its predecessor, Merit Circle, it has its drawbacks or perhaps paves the way for its weaknesses that come with rebranding to BEAM to try to attract the builders again.
Beam’s Market Activity and Potential Growth
BEAM traded at $0. 028 after the decline in the previous day, but trading turnover fell to $31m daily in the next 24 hours from above $215m. This is alarming since more than 43% of BEAM’s volume is concentrated in the one Binance trading pair, and, as could be expected, it is susceptible to pumps.
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The platform based on the Ethereum blockchain has 49,477,793,466 tokens in circulation out of a total of 62,480,000,000. 46 USDT to hit its target at increased trading activity when BEAM resumed its operations recently, with analysts offering short-term forecasts for the digital currency to try $0. 10. The scale of the increase, according to less pessimistic forecasts, can reach $1.
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However, due to the history of Merit Circle, there are now concerns regarding the asset among investors. Launched in April 2021, Merit Circle had a day of high growth before a trend reversal. Until the last swap, MC tokens will have trading insignificantly – at the BEAM market rate multiplied by a thousand. The trading volume of MC tokens is restricted, and most trades occur through Uniswap pairs, many of which are relatively inactive.
Many BEAM tokens are circulated; some are in the former Merit Circle treasury, now over 79%. Locked Merit Circle rewards are even released for swapping. In the case of OGN, note that even previously locked Merit Circle rewards could be exchanged. Even though the current approach of tokenization is convenient, some of the old MC tokens can be obsoleted because the swapping mechanism demands specific substantial fees. Most BEAM tokens are stored in user accounts or dApps, with approximately 10 billion tokens being put up on CEXs, out of which Binance accounts for the most significant part.
It is still at a growth stage compared to other networks, with only 6,128 total DAO Wallets involved with the migration contract. Lastly, further BEAM buying through more token addresses was done through the migration process, which amounted to 31,000 wallets. It also reinforces its legitimacy, and 25% of the token supply remains locked in the top address, which has less than 300 transactions and can significantly shift market dynamics by holding many tokens.
Beam Network’s Focus on Web3 Gaming Growth
Currently, the team of Beam mainly targets Web3 and gaming industries, and the platform seeks to onboard new projects and construct metaverse land lots. Amount of money needed Reimbursements were made due to a lawsuit against Yield Guild Games, a project that the Merit Circle community bought out by votes to further the initial investment and become its gaming community. Still, most games on Beam are in the early stage of creation, such as those represented by the early game Dremica and the users who joined it. The Beam community also tries participating in games such as Axie Infinity, Illuvium Arena, and Genopets.
Since the end of 2023, Beam has been aligned with Polygon and Immutable, two of the most engaging Layer 2 platforms for gaming. These partnerships are helping propagate the newly created Beam brand and its probability of becoming a multiple-chain system. In addition to running on Ethereum, Beam is considered one of the seven foundational subnets on the Avalanche network that started less than a year ago.
To increase volumes and establish itself as popular, Beam also introduced a native decentralized exchange. Beam DEX is the primary value token, amounting to $4. 69 million in liquidity. For now, BEAM still belongs to the most centralized tokens frosted for the reaction to the interest in game-related assets.
From Beam’s perspective, the current and recent activity demonstrates a fluent future strategy directed at Web3 and the gaming industry. Beam’s further expansion, which it seeks to cement its market standing and increase the number of contractors and projects, will be a promising area for the market’s attention.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.