Here’s why BEAM token rose to a 6-week high today

Beam (BEAM) price jumped more than 25% on Friday to reach a six-week high of $0.035. The cryptocurrency traded to an all-time high of $0.044 in March.

While the price of BEAM had retreated to about $0.028 at the time of writing, the sharp surge in interest has ignited bullish predictions.

BEAM price soars amid Upbit listing

Beam, led by the Merit Circle DAO, has seen decent traction as its price raced to its all-time peak in March.

However, bulls struggled for upside momentum following declines below $0.030. That remained the outlook as major cryptocurrencies and the blockchain gaming space witnessed a lull in activity post Bitcoin’s having.

Things changed for the better today as Upbit announced Beam (BEAM) trading support.

Per a company notice published on May 31, South Korea’s largest cryptocurrency exchange listed Beam against BTC, USDT and the Korean won (KRW). Trading opened at 18:30 KST.

Beam’s daily volume rose 870%

As the cryptocurrency’s price surged more than 25%, the daily trading volume jumped more than 870% to reach $247 million. This surge is likely a result of the massive trading volumes on Upbit.

Meanwhile, the derivatives volume was up 1,670% to over $129 million. On-chain data also shows open interest in BEAM stood at +12% in the past 24 hours at $16.3 million.

Although Beam price has since dipped below $0.03 again, it’s likely the new listing will buoy the gaming network’s price outlook. Data from CoinGecko shows the BEAM token is currently trending ahead of Axie Infinity, The Sandbox and ApeCoin.

The future of BEAM in the gaming industry

Beam announced a major collaboration with Immutable and Polygon Labs in December last year, joining forces to bolster a multichain gaming experience.

The partnership encompassed a chain-agnostic approach that enhanced Beam’s capabilities with Immutable zkEVM.

BEAM is a key part of the Beam gaming platform and ecosystem. Users need the token to interact with smart contracts. BEAM is also the native crypto token for payments and other transactions on the network. 

Other than governance, the Beam token is crucial to the overall gaming experience for users. 

Having that tag of one of the main gaming plays in the market, further adoption amid wider traction for GameFi could see Beam strengthen its place in the industry.

BEAM’s market cap stands at just over $1.4 billion, while GALA’s is at $1.5 billion.

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