Web3 Gaming Ecosystem Altcoin Rips by More Than 51% This Week Amid New Token Migration Proposal
An under-the-radar Web3 gaming ecosystem altcoin has surged by more than 51% this week amid a new token migration proposal.
The native token of the Merit Circle (MC) Decentralized Autonomous Organization (DAO) is trading around $0.405 at time of writing, up from $0.267 one week ago.
The price surge materialized amid a discussion period on a new ecosystem proposal that, if passed, would convert the existing MC token into a new BEAM token on a 1:100 basis. Beam is the name of a new gaming-focused blockchain Merit Circle launched earlier this year.
The MC token currently serves as the native gas solution for Beam, but Merit Circle developers believe a token rebrand would better focus attention on the new network.
Explain the developers,
“We believe that converting to a more Beam-focused ecosystem will improve brand recognition and strength. We believe that Beam is competing with other gaming networks such as Immutable and Ronin. Educating those outside the DAO about this, through means such as written pieces and ongoing reminders about the changes in our ecosystem, will take significant time and effort. Instead, a token conversion allows us to strategically align both those within the DAO and outside the DAO, with our vision in an efficient manner.”
Despite the price gains this week, MC still remains more than 96.5% down from its all-time high of $11.70. The 160th-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
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