BEAM surges following Upbit listing announcement
BEAM surges following Upbit listing announcement
Beam token's price soared 25% after Upbit announced its listing. This event underscores the significant influence exchange listings have on cryptocurrency markets, with Beam seeing increased trading activity and market interest.
In a notable development within the cryptocurrency market, Beam (BEAM) experienced a substantial price surge following its listing announcement on South Korea’s largest crypto exchange, Upbit. The token’s value climbed by over 25% in just 24 hours, a testament to the market’s positive reception of the news. Beam's price increased to $0.0336, marking a significant milestone for the token, as reported by Blockonomi.
The listing on Upbit, which commenced on May 31, 2024, allows trading in various pairs including KRW, BTC, and USDT. This strategic move is part of Upbit’s broader initiative to diversify its trading instruments and support innovative blockchain projects. The immediate aftermath of this listing saw Beam's trading volume skyrocket by 632%, reaching $124.2 million.
Beam, a project centered around Web3 gaming development, leverages the Beam Network built on the Avalanche subnet. This platform aims to simplify blockchain integration for game developers and players, offering features such as a software development kit (SDK) for easy game and blockchain integration and an NFT marketplace for trading gaming assets.
"Welcome Korea!", Merit Circle, Beam developer, says on its official X page.
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The listing has not only boosted Beam's visibility but also its market capitalization, which has grown by over 26%, now standing at approximately $1.666 billion.
This development is indicative of the significant influence that major exchange listings can have on the valuation and trading activity of cryptocurrencies. It also highlights Upbit’s role as a pivotal player in the cryptocurrency exchange landscape, capable of driving substantial market movements through listings of new projects.
See also: OKX lists Ultiverse (ULTI) to expand spot trading offering
