Merit Circle’s Beam Network Gains Traction on Avalanche, BEAM Token Surges
Merit Circle DAO’s gaming-focused crypto group launched its Beam network on Avalanche in August 2023. Recently, the subnet has gained traction with its BEAM token experiencing a surge of 36% in the past day and 25% in the past week, according to CoinGecko data. Currently, BEAM is priced at around $0.022, approaching its all-time high of $0.027.
Increased Transactions and User Engagement
The Beam subnet has seen a significant increase in total transactions since mid-December, reaching a new all-time high of over 103,000 transactions on Wednesday. Additionally, over half a million wallet addresses have engaged with Beam’s blockchain since its launch.
Integration with Polygon-powered Immutable zkEVM Blockchain
Last month, the Beam blockchain added the Polygon-powered Immutable zkEVM blockchain to its list of compatible chains for its Sphere NFT marketplace and broader tech stack offering. Despite price losses following Bitcoin’s flash crash, Immutable’s IMX token has rebounded approximately 4% in the past day.
Outperforming Other Gaming-Focused Cryptocurrencies
While the BEAM token experienced a dip on Wednesday, it quickly rebounded and outpaced gains seen by the top 20 other gaming-focused cryptocurrencies by market cap. Only Merit Circle’s governance token and Yield Guild Games’ token saw double-digit percentage gains in the gaming space following Wednesday’s dip.
Possible Reasons for BEAM Price Surge
A self-described “Beam maxi” suggested that there could be a “FOMO rush” driving up the price of BEAM. According to Marco van den Heuvel, co-founder of Merit Circle, the surge in Beam’s transactions is likely due to activity from one or two games that have partially deployed on the network.
Beam’s Twitter Account Suspended
Beam’s official Twitter account was recently suspended, potentially due to fake accounts reporting it in high numbers. Heuvel mentioned that Beam account impersonators have emerged to scam users, and the team is working with Twitter support to resolve the issue.
Hot Take: Beam Network Sees Impressive Growth and Overcomes Challenges
The Beam network on Avalanche has gained significant traction, with its BEAM token experiencing a surge in price. Despite challenges such as the suspension of its official Twitter account and impersonators attempting to scam users, the network has demonstrated resilience and continues to attract user engagement. The integration with the Immutable zkEVM blockchain further expands Beam’s offerings and potential for growth. With a strong presence in the gaming-focused crypto space, Beam stands out among its competitors and shows promise for future development and success.
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