Can ApeCoin regain its price? Buyers flock to Calvaria

ApeCoin’s price has fallen by around 16% to a price of €4.50 following the news that Yuga Labs, the €4 billion investment company behind Bored Ape Yacht Club, is under investigation by the US Security and Exchange Commission, SEC.

In a Bloomberg report, an anonymous source said the SEC is investigating the company’s NFTs, which are suspected of violating investment registration rules.

ApeCoin under pressure from an SEC investigation

Bored Ape Yacht Club is a very successful NFT initiative that is selling a collection of approximately 10,000 NFTs at a launch price of approximately €190 for Ethereum. The profit for Yuga after this launch was around €1.9m. Spin-offs of this project, Mutant Ape Yacht Club and the Otherside metaverse game, raised €96 million and €319 million.

The secondary market for BAYC achieved a volume of approx. €2.5 billion in traded investments. In addition, around €3.35 billion was traded in the secondary market for Mutant Ape Yacht Club and Otherside. All transactions in the NFTs for these three projects provide about 2.5% in royalties to Yuga Labs. For a while, Yuga Labs’ NFTs seemed to be among the best NFTs out there.

Owners of the Bored Ape NFTs gain access to a closed community and live events. In addition, they can use the illustrations in their possession to resell and trade them. Many of these NFTs sell for hundreds of thousands of dollars, and the network’s famous reputation has attracted many celebrity buyers.

Bloomberg said on October 11 that the SEC is investigating Yuga Labs to find out whether sales of certain digital assets violated regulations and whether certain NFTs look like stocks.

So to find out, the SEC has announced that it is investigating whether NFTS and Apecoin are unregistered securities.

This news caused ApeCoin to drop by around 10%. This caused losses to owners of Yuga Lab-related NFTs. Meanwhile, Yuga Labs is trying to see the positive in it.

ApeCoin Price Forecast

The current price of ApeCOin is €4.48, with a 24-hour trading volume of around €94 million. In the last 24 hours, ApeCoin’s market cap has increased by around 0.5%. The market value is now €1.3 billion and thus the coin is in 37th place.

ApeCoin Price and Tokenomics – source: coinmarketcap

There are currently around 307 million APE coins in circulation. The total stock of available coins is 1 billion. APE/USD is showing resistance at $4.50 and a price that remains below could indicate a possible downside correction.

APE Price Chart – Source: TradingView

The bearish trend line is currently acting as a key support on the 4-hour chart. A break of this could indicate APE moving towards $4.20 or even $4. A positive break could see the coin move towards $4.60 or even $5. So it’s important to keep an eye on these price points.

ApeCoin buyers move to rival NFT game Calvaria’s RIA token

With ApeCoin under fire from the SEC, it seems that investors are turning to alternative investments. In this case, Calvaria’s RIA token is often used. This seems like a good project to invest in as an alternative to APE.

Calvaria launched recently and seems similar in terms of gameplay. These are in the same genre as ApeCoin. In Calvaria, players can acquire and trade cards and then battle each other. The game is very accessible because there is a desktop version as well as a mobile app for Andriod and Apple Store.

There is no requirement for players to have a wallet and cryptocurrency to start playing. This means that virtually anyone with internet access can play the game without having to know much about cryptocurrency.

The option to play for free and play the Play-to-Earn version of the game makes it very accessible to anyone who wants to learn the game. This also makes it accessible to people who are not engaged in the world of cryptocurrency.

Not only are they developing a game for the new cryptocurrency market, but also for the traditional gaming market. That makes it a very interesting project.

Players earn and improve their cards through the Calvaria Play to Earn Crypto Game. This allows them to prepare for the battles they will fight next.

There are different visual styles in the universe which are reflected by the characters of these groups.

Despite the promising future of this P2E market, there is still a green need to differentiate. In this way, a platform can positively stand out in the growing competition. Calvaria does this by making the P2E game also accessible to people who are not interested in cryptocurrency or simply don’t have it.

Presale phase 1 is live!

The first phase of the Calvaria presale is now live and has already sold 22% of the coins. With a goal of USD 300,000, the project is well underway with around USD 69,000.

Calvaria Presale – Source: Calvaria.io

At present, 1 USDT is worth 100 RIA, but in the second phase the price will increase to 1 USDT per RIA. 80 RIA. So do you want in? Then you have to be quick to get a 20% discount compared to the second phase.

Now to Calvaria

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