While sell-offs continue in the cryptocurrency market, the BEAM ecosystem’s BEAM token has stood out with its strong rise. According to CoinGecko data, BEAM had gained over 40% in value in the last 24 hours at the time of writing, trading at approximately $0.0049.
The altcoin’s lowest and highest prices during the same period were $0.003225 and $0.005292, respectively. The weekly gain exceeded 60 percent.
The rise was accompanied by a surge in trading volume. BEAM’s trading volume in the last 24 hours reached approximately $170 million, an increase of over 2,000% compared to the previous day. This amount represents a significant portion of its market capitalization of approximately $246 million.
In terms of exchange distribution, South Korean platform Upbit stood out. Approximately $57 million worth of transactions took place in the BEAM/KRW pair, while Binance’s volume in the Turkish lira pair also exceeded $10 million.
The reason for the token’s rise is attributed to the developers remotely freezing and burning all BEAM tokens that fell into the hands of hackers during yesterday’s Binance hack. The developers acted quickly and prevented the hackers from selling their tokens.
*This is not investment advice.
