The BEAM token is experiencing an increase in value due to its recent listing on Upbit, the largest cryptocurrency exchange in South Korea. Merit Circle, the token’s creator, announced the listing on the social media platform X (formerly Twitter). BEAM can also be traded on other leading platforms such as Binance, Gate.io, Bybit, and Uniswap.
The Upbit crypto exchange is launching BEAM in BTC, KRW, and USDT pairs today, on May 31, 2024. Following the announcement of the listing, the price of BEAM surged by 31% and has seen a 25% increase over the past week.
The current price of BEAM is $0.03355 as per CoinMarketCap data, reflecting a 26% increase in the last 24 hours. Impressively, its 24-hour trading volume has spiked by over 1,200 percent.
BEAM market data
BEAM’s open interest has increased by more than 40%, reaching a valuation of $30 million. The Relative Strength Index indicates bullish momentum at the 71.99 level.
Upbit initially announced that they would restrict buy orders to approximately five minutes after trading is enabled. Additionally, they will limit sell orders priced 10% below the previous day’s closing price for about five minutes after trading commences. Pending and market orders will be restricted for about an hour.
Why is the BEAM price soaring?
The recent listing of BEAM on Upbit has significantly increased the token’s visibility and accessibility, leading to a surge in demand and a substantial price increase.
As trading has just begun, the price of BEAM is expected to continue rising in the next few hours. However, after the initial excitement subsides, the price may stabilize. This could present a good opportunity to sell the token at the current high price.
BEAM is a gaming-focused blockchain project developed by Gaming DAO Merit Circle, operating as an Avalanche subnet. Its goal is to enhance blockchain gaming through the introduction of various apps and technologies.
The Beam SDK allows for seamless game integration within the Beam network, while the NFT marketplace Sphere will facilitate the trading of in-game assets. BEAM holders can utilize the token for NFT trading, voting, and payment of transaction fees.
