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BEAM Inks 15% Gains As Exciting Developments Hit The Market – Details

With the market posting minute but continuous gains, BEAM captures this momentum, which caused the current uptick in the token’s price. According to CoinGecko, BEAM is up nearly 18% in the past 24 hours as investors flock to the token. 

The Beam network is experiencing awesome on-chain development that gives it an edge against its competitors. As the market enters a new week with enthusiasm, BEAM might be on the path of bullishness in the long run. 

Beam Network Goes To Gamescom 2024

Earlier this month, Beam Network announced that it will have a spot on Gamescom 2024, the largest gaming event in the world. It is accompanied by Domi Online, an MMORPG built on the Beam Network. The event will allow the platform to show the capabilities of the network along with the use cases of crypto in the gaming world.

Gamescom hosts gaming industry giants like Microsoft’s XBOX, Bethesda, and Blizzard among the attendees. Beam’s showcase in Gamescom will eventually drive the mainstream gamers to be interested in the crypto gaming scene, perhaps even leading to big partnerships with the big shots like how Immutable secured a partnership with Ubisoft for a blockchain-based game back in 2023. 

Gamescom 2024 will be held in Cologne, Germany on August 21. 

With Beam’s continuing innovation for its platform, it will disrupt the crypto-gaming space becoming one of the major players in the industry long-term. In terms of how it will affect BEAM’s price movement is still a mystery. 

BEAM Slightly Dims As Market Slows Down

As of writing, the token is still on the green, attempting to break through the $0.01444 ceiling in the short term with a sharp uptick in price. This breakthrough might not happen today as the bulls lose steam. This won’t hurt gains in the past 24 hours, but it will affect long-term gains if the token loses its momentum. 

Two things can happen in the next couple of days: BEAM breaks through the $0.01444 ceiling flipping it to support, or the bulls fail to secure the latter price ceiling and then stabilizes on the $0.01273 and $0.01444 price range.

If the breakthrough continues, investors and traders should aim to settle on $0.01685 for the long term, giving BEAM strong support for further upward movement. However, if the opposite happens, the token might dive below $0.01444, settling in the $0.1054-$0.01273 price range. 

However, investor confidence in the platform and token is high. With their attendance at Gamescom being the biggest driver of retail investor interest, we might expect more movement once we enter the next week. Investors and traders should keep an eye on BEAM as its mainstream entry will have a significant effect on retail perception on the crypto gaming scene. 

Featured image from Pexels, chart from TradingView

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Here Are The 3 Crypto Tokens That Earned A Trader $42 Million Profit In One Year

In cryptocurrency trading, remarkable success stories often emerge, showcasing the potential for significant returns. One such story is that of an anonymous crypto trader who recently managed to turn a portfolio of $23 million into $65 million over the course of a year, according to insights from Lookonchain, a crypto analytics platform.

This $42 million profit highlights the trader’s smart money move in the volatile crypto market. The trader leveraged strategic investments in tokens such as PEPE, ONDO, and BEAM to achieve substantial gains.

Maximizing Returns Through Precise Market Timing

This trader’s journey began with a strategic crypto investment in PEPE, which alone yielded a return of $60 million. The trader demonstrated a deep understanding of market trends and token potential by capitalizing on market timings and price fluctuations.

Notably, the trader’s investment in PEPE resulted in a 1203% return in gains. Initially investing 2,434 ETH (valued at approximately $5 million) to acquire 3.97 trillion PEPE, the trader sold 125 billion PEPE for 350 ETH, or around $1.27 million, at peak prices.

The remaining holdings in PEPE were valued at $56.43 million, according to data from Lookonchain.

In addition to PEPE, the trader diversified their crypto portfolio by investing in ONDO and BEAM, each offering different returns and market behaviors. The investment in ONDO resulted in a $5.8 million profit with 288% return on investment (ROI), showcasing effective diversification and asset selection strategies.

While BEAM provided the least returns among the three, it still contributed positively to the trader’s portfolio. An initial investment led to a 72% ROI, which, although smaller relative to PEPE and ONDO, demonstrates the importance of portfolio diversification.

It is worth noting that such diversification in crypto helps balance the risks and enhance the overall stability of investment returns across different market conditions in the crypto market.

The 3 Crypto Tokens Performance Overview

Among the three tokens the trader utilizes to secure substantial returns on investment, PEPE has emerged as the leading performer, followed by ONDO and BEAM.

Recently, PEPE has achieved notable milestones, ascending to new all-time highs. Over the last week, the asset has experienced a surge of over 40%, and an additional 4% increase in the past day, reaching a new peak at $0.00001526.

Despite this recent uptick, PEPE’s value has receded by 6.8% from its highest point, now trading at $0.0000144.

PEPE price chart on TradingView amid the 3 crypto tokens

Meanwhile, ONDO marked a new all-time high earlier today at $1.15 but has since retracted by 2.7%, with its current price at $1.12. This represents a substantial 15.8% increase within a single day, cementing a week-long upward trend that has seen the token’s price climb by nearly 20%.

BEAM, however, has shown more modest gains compared to the other two. Over the past day and week, it has recorded increases of 1.5% and 7.9%, respectively.

Currently, BEAM is trading at $0.02736. Notably, this marks a significant drop of approximately 38% from its early May high of $0.04416, indicating less volatility and smaller gains than its counterparts.

Featured image created with DALL·E, Chart from TradingView

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Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound. 

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens. 

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC. 

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May. 

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins. 

Highlighted Altcoins And Their Catalysts

  • BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
  • BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
  • STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
  • SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
  • MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Crypto Scam Alert: Phishing Attack Swipes $5.1M Worth of BEAM, Token Price Drops

According to the blockchain analytics platform Lookonchain, a crypto trader suffered a phishing attack that swooped over 180 million BEAM tokens on Wednesday and affected the token’s price.

180 Million BEAM Tokens Stolen

In an X (former Twitter) post, Lookonchain exposed a new crypto scam that had occurred on February 15. As the analytics platform detailed, the address 0x83664B8a83b9845Ac7b177DF86d0F5BF3b7739AD, under the name ‘Kirilm.eth’, suffered a phishing attack that led to the theft of millions of BEAM tokens.

Users seemingly identified the victim as a crypto trader named Kirill Marinov. According to the information provided, the victim lost 180.25 million BEAM tokens, worth approximately $5.14 million, to an account labeled as ‘Fake_Phishing291038.’

Shortly after the theft, the scammer’s address liquidated the total amount of stolen BEAM tokens, exchanging them for 1,629 ETH worth approximately $4.6 million.

According to Web3 anti-scam platform Scam Sniffer, the victim signed an ‘increase allowance’ transaction that gave the scammer access to the tokens. Additionally, the. X post detailed that the token spender is a Safe Wallet address.

However, this writing has not revealed further details about the victim, the exact tactics used by the scammer, and their identity.

Phishing scams are among the most popular tactics for crypto-related crimes. Scammers exploit inexperienced investors’ naivety and oversights from more experienced traders to gain access to the funds.

The scamming tactics involve a variety of ways to trick the victims into revealing their private keys or login information to grant access to the victim’s wallets. Due to this, experts urge all crypto investors to stay alert and take the necessary measures to keep their assets safe.

BEAM Price Reacts To The Crypto Heist

The BEAM token serves as the native crypto asset for the Beam network. After the heist and subsequent exchange to ETH, the token’s price dropped, falling from the $0.030 price level to the $0.028 range.

Beam Network is a gaming network powered by the Merit Circle DAO. The ecosystem brings developers and gamers together to develop the gaming industry further. According to the Beam team, “At its core, Beam aspires to create harmony between gamers and developers.

It’s not just about gaming; it’s about ownership, empowerment, and a global community. Every feature and tool is a step towards this visionary future.”

At writing time, the token trades at $0.027, representing a 2.4% drop in the last hour and a 9.3% decrease from its trading price in the previous 24 hours. According to CoinMarketCap data, the token’s daily trading volume saw a 25.7% decrease in the last 24 hours, sitting at the #104 spot on this metric with $61.4 million.

Despite the negative price reaction following the scam, the BEAM price still registered a 32.9% increase in the last 7 days. Similarly, BEAM’s trust score in the spot markets remains untouched, per CoinGecko Data.

BEAM, BEAMUSDT, Crypto