BEAM Token Skyrockets 26% after Upbit Announces Listing

As an experienced analyst, I believe the recent listing of BEAM on South Korea’s largest crypto exchange Upbit is a significant development for the token. The surge in price and trading volume following the announcement is a clear indication of growing interest and confidence in the project.

Upbit, South Korea’s leading cryptocurrency exchange, has made an announcement: Beam (BEAM) is now available for trading on their platform. This listing draws attention to the digital asset within the market.

The announcement caused BEAM’s price to skyrocket to $0.0336, representing a substantial 26% gain within the last 24 hours. This sudden rise in value sparked heightened attention and frenzied trading among investors, resulting in an astounding 632% surge in trading volume, which now amounts to a staggering $124.2 million. Furthermore, over the past 30 days, BEAM has experienced a remarkable increase of 53%.

As of May 31, 2024, I will be tradable on Upbit with pairings in KRW, BTC, and USDT, as stated in the recent announcement.

As a crypto investor, I would like to share that some exchanges may list the BEAM token under the ticker BEAMX instead of the standard BEAM. For instance, on Upbit, you can find the BEAM token using the contract address 0x62D0A8458eD7719FDAF978fe5922C6D342B0bFcE for seamless deposits and withdrawals. To ensure a hassle-free trading experience, Upbit advises its users to double-check the contract address every time before initiating a deposit or withdrawal transaction.

During the first stage following a listing, market instability due to sudden price fluctuations will be prevented by limiting buying orders for approximately five minutes. Additionally, sell orders with prices 10% lower than the previous day’s closing price will also be restricted during this timeframe.

Additionally, following the launch, Upbit will impose limits on market orders and bookings for approximately an hour. This measure is implemented to ensure market stability and manage liquidity efficiently.

An Insight into BEAM

Merit Circle, a gaming decentralized autonomous organization (DAO) with over 60 affiliated games, leads BEAM, an innovative Web3 gaming initiative based on the Avalanche blockchain network. The project’s objective is to build a vibrant blockchain gaming community through the utilization of the Beam Network.

The Beam Software Development Kit (SDK) facilitates seamless connection between games and the Beam Network, featuring an in-house NFT marketplace named Sphere for exchanging gaming assets.

Brandon Aaskov, CTO of Merit Circle DAO, explains that Beam is designed to cater to both gamers and game developers. It aims to simplify the experience while ensuring genuine ownership and effortless control over that ownership.

At 5:00 a.m. Eastern Time on Friday, I observe BEAM trading approximately at $0.0336. Notably, its market capitalization has experienced significant growth, exceeding 26% since the listing announcement. Consequently, BEAM’s market cap now hovers around $1.666 billion. Presently, it holds the position of being the 60th largest virtual currency by market capitalization on CoinMarketCap.

Over the last 12 months, the value of this cryptocurrency token has increased by a factor of more than five, underscoring its rising popularity within the crypto sphere. A notable milestone was reached in March of this year when the token hit an all-time peak price of $0.043.

BEAM’s inclusion in Upbit’s listings aligns with the exchange’s goal to expand its product range and back innovative blockchain initiatives. This week, Upbit has introduced several new cryptocurrency pairs denominated in Korean won, such as Stargate Finance (STG) and Bounce (AUCTION).

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2024-05-31 16:15