An altcoin focused on developing the play-to-earn gaming economy is in a period of intense volatility after being listed by the leading crypto exchange Binance.
Merit Circle (MC) is a decentralized autonomous organization (DAO) that invests in metaverse games and lends out non-fungible tokens (NFTs).
The platform allows MC token-holding users to participate in protocol governance, stake MC for rewards, and early access to NFT drops and rewards.
The metaverse gaming DAO token saw its price shoot up 17% from a 24-hour low of $10.03 to a new all-time high of $11.70 in under two hours after it was launched on Binance.
However, at time of publishing, the altcoin has now heavily corrected and is exchanging hands at $8.22. That’s a 30% decrease from the 24-hour top.
Merit Circle recently announced it invested nearly $1.5 million in several metaverse gaming projects, such as Syn City, Genopets, and Big Time.
Syn City is a mafia-themed open-world game that has users controlling their very own organized crime syndicate, while Solana (SOL)-based Genopets is the world’s first move-to-earn NFT collectible game where users are rewarded for their real-life physical activity. Big Time is a time-based role-playing game that guides parties of six through historical battles.
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Featured Image: Shutterstock/VAlex/Vladimir Sazonov