The listing of BEAM aligns with Upbit’s strategy to diversify its offerings and support innovative blockchain projects.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
South Korea’s largest crypto exchange Upbit has recently announced the listing of Beam (BEAM) on its trading platform, bringing the digital asset to the attention of the market.
The announcement has sent the price of BEAM soaring to a price level of $0.0336, marking a 26% increase in just 24 hours. This surge increased the interest and trading activity around the token, as evidenced by a 632% rise in trading volume, now standing at $124.2 million. Additionally, BEAM is up 53% in the past 30 days.
Starting May 31, 2024, BEAM will be available for trading on Upbit in KRW, BTC, and USDT pairs, according to the announcement.
However, traders should be aware that on certain exchanges, the token might be listed under the ticker BEAMX. On Upbit, the BEAM token will have the contract address 0x62D0A8458eD7719FDAF978fe5929C6D342B0bFcE. Upbit suggests its users to always check the contract address upon every deposit or withdrawal transaction to avoid confusion and for smooth trading.
For the initial phase after the listing, buying orders will be restricted for around five minutes to prevent sudden market volatility. Similarly, sell orders priced 10% below the previous day’s closing price will also be restricted during this period.
Moreover, Upbit will also restrict both market orders and booking orders for about one-hour post-launch. These restrictions are put in place to stabilize the market and manage liquidity effectively.
BEAM is a Web3 gaming development and gameplay-related blockchain project spearheaded by the Merit Circle game, a gaming DAOs with 60+ partner games. The project aims to create a rich blockchain gaming ecosystem using the Beam Network, which is designed on the Avalanche subnet.
The Beam software development kit (SDK) provides easy integration between games and the Beam Network, and includes an NFT marketplace called Sphere for trading gaming assets.
“Beam is meant for gamers and game developers alike: to take away the complexity and still offer true ownership and easy control of that ownership,” says Brandon Aaskov, CTO Merit Circle DAO.
As of 5:00 a.m. ET on Friday, BEAM is trading around $0.0336. The market cap of the token has also surged by over 26% following the listing announcement, bringing it to around $1.666 billion. It is the 60th largest virtual currency by market cap on CoinMarketCap.
Over the past year, the token’s value has grown by more than five times, demonstrating its growing interest from the crypto community. Notably, BEAM achieved an all-time high of $0.043 in March this year.
The listing of BEAM aligns with Upbit’s strategy to diversify its offerings and support innovative blockchain projects. The exchange has launched several crypto projects’ Korean won pairs on its platform this week, including Stargate Finance (STG) and Bounce (AUCTION).
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
