Web3 Gaming Ecosystem Altcoin Rips by More Than 51% This Week Amid New Token Migration Proposal
The Merit Circle (MC) Decentralized Autonomous Organization (DAO) has experienced a significant surge in its native token’s price, with a gain of over 51% in the past week. This surge comes amidst a proposal for token migration in the gaming-focused Web3 ecosystem.
Currently trading at around $0.405, the MC token has seen a notable increase from its value of $0.267 just one week ago. The surge in price coincided with a discussion period on a new proposal within the Merit Circle DAO. If approved, this proposal would convert the existing MC token into a new BEAM token on a 1:100 basis. The BEAM token is associated with a gaming-focused blockchain called Beam that was launched earlier this year.
The developers of Merit Circle believe that a token rebranding would help shift the focus onto the new Beam network, which they believe competes with other gaming networks such as Immutable and Ronin. They argue that educating both internal and external stakeholders about the changes in their ecosystem through written pieces and ongoing reminders would require significant time and effort. Instead, a token conversion would efficiently align everyone with the vision of a more Beam-focused ecosystem.
Despite the positive price gains this week, the MC token is still down by more than 96.5% from its all-time high of $11.70. Currently ranked 160th by market capitalization, the crypto asset has seen a 4% increase in the past 24 hours.
It’s important to note that the opinions expressed at The Daily Hodl, where this article is based, are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl advises caution, as transfers and trades are done at investors’ own risk.
In conclusion, the Merit Circle DAO’s native token, MC, has experienced a surge in price as a result of a proposal for token migration to the BEAM token. The developers believe this rebranding would help redirect attention to the new gaming-focused Beam network. While the token has seen gains this week, it still remains significantly below its all-time high. Investors should exercise caution and conduct thorough research before making any investment decisions.
