An Altcoin in the Web3 Gaming Ecosystem Surges by Over 51% This Week
An altcoin in the Web3 gaming ecosystem has experienced a significant surge of more than 51% this week following a proposal for token migration. The native token of the Merit Circle (MC) Decentralized Autonomous Organization (DAO) is currently trading at around $0.405, compared to $0.267 just one week ago.
Token Migration Proposal Sparks Price Surge
The price surge can be attributed to an ongoing discussion period regarding a new proposal within the ecosystem. If approved, the proposal would convert the existing MC token into a new BEAM token on a 1:100 basis. BEAM is the name of a gaming-focused blockchain launched by Merit Circle earlier this year.
Benefits of Token Rebranding
Merit Circle developers believe that rebranding the MC token as BEAM would help shift attention to the new network and improve brand recognition and strength. By strategically aligning both internal and external stakeholders with their vision through a token conversion, they aim to avoid the time-consuming process of educating others about the changes in their ecosystem.
Despite Gains, MC Token Still Far Below All-Time High
Although MC has experienced significant gains this week, it is important to note that the token is still down over 96.5% from its all-time high of $11.70. Currently ranked 160th by market cap, MC has seen an increase of more than 4% in the past 24 hours.
Hot Take: Web3 Gaming Altcoin Sees Surge Amidst Token Migration Proposal
An under-the-radar altcoin within the Web3 gaming ecosystem has witnessed a remarkable surge of over 51% this week. The surge can be attributed to a proposal for token migration, which aims to convert the existing MC token into a new BEAM token on a 1:100 basis. This move is expected to enhance brand recognition and focus attention on the new gaming-focused blockchain network launched by Merit Circle. Despite the recent gains, the MC token remains significantly below its all-time high. Nevertheless, this surge highlights the potential of altcoins in the gaming industry and their ability to generate interest among crypto enthusiasts.
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