Merit Circle Token Surges 51% on New Token Migration Proposal
An altcoin within the Web3 gaming ecosystem has experienced a significant surge of over 51% this week. The native token of the Merit Circle (MC) Decentralized Autonomous Organization (DAO) is currently trading at around $0.405, a notable increase compared to the previous week when it was valued at $0.267.
This surge in price comes amidst discussions regarding a new token migration proposal within the Merit Circle ecosystem. If approved, the proposal would convert the existing MC token into a new BEAM token at a ratio of 1:100. Earlier this year, Merit Circle launched Beam, a gaming-focused blockchain.
Currently, the MC token functions as the native gas solution for Beam. However, the developers believe that rebranding the token as Beam will bring more attention and focus to the new network. They argue that Beam is in competition with other gaming networks such as Immutable and Ronin. Educating both members within and outside the DAO about this shift in focus would require considerable time and effort. A token conversion offers a more efficient way to align everyone with the new vision.
Despite the recent price gains, the MC token remains significantly down by over 96.5% from its all-time high of $11.70. As the 160th-ranked crypto asset by market cap, it has experienced a 4% increase in the past 24 hours.
Frequently Asked Questions (FAQs)
What is the token migration proposal within the Merit Circle ecosystem?
The token migration proposal aims to convert the existing MC token into a new BEAM token on a 1:100 basis. This conversion is part of the effort to shift the focus of the ecosystem towards the gaming-focused blockchain called Beam.
Why are the developers proposing this token migration?
The developers believe that rebranding the token as Beam will bring better brand recognition and strength to the ecosystem. They consider Beam to be in competition with other gaming networks and want to strategically align both members within and outside the DAO with this vision.
What is the current price of the MC token?
At the time of writing, the MC token is trading at approximately $0.405. This marks a significant increase from the previous week when it was valued at $0.267.
How has the MC token performed in the past?
Despite the recent price surge, the MC token is still down by more than 96.5% from its all-time high of $11.70.
Please note that this article does not constitute investment advice and readers should conduct their own research and due diligence before making any financial decisions.
