Cryptonews Altcoin News Will The ApeCoin Price Recover – Buyers Ape Into Rival NFT Game Calvaria’s RIA Token

Will The ApeCoin Price Recover – Buyers Ape Into Rival NFT Game Calvaria’s RIA Token

Arslan Butt

Last updated: October 23, 2023, 08:34 EDT | 4 min read

The price of ApeCoin has dropped by more than 16% this month to $4.50 following news that Yuga Labs, the $4 billion firm behind the Bored Ape Yacht Club, is under investigation by the Securities and Exchange Commission.

According to a Bloomberg report citing an anonymous source, the SEC is investigating allegations that the company’s NFTs violated security registration regulations.

ApeCoin Under Pressure Following SEC Investigation

The Bored Ape Yacht Club is a highly successful NFT initiative, with the main collection of 10,000 NFTs selling for $190 worth of Ethereum upon launch. About $1.9 million was the total profit from that sale for Yuga. The subsequent spinoffs and sequels, the Mutant Ape Yacht Club, and the Otherside metaverse game, grossed $96 and $319 million, respectively.

The secondary market for BAYC has seen approximately $2.5 billion in volume, as reported by CryptoSlam. Additionally, $3.35B was traded in secondary markets for Mutant Ape Yacht Club and Otherside. Each of these transactions generates a 2.5% royalty payment to Yuga Labs.

Owners of Bored Ape NFTs get access to a private community and live events, and they can use their owned illustrations to make and sell their works of derivative art. Many NFTs have sold for seven figures, and the project’s rising profile has attracted several famous buyers.

BREAKING: The SEC is investigating Yuga Labs, the creator of the popular NFT collection Bored Ape Yacht Club, over if its digital assets sales violate federal law https://t.co/iMRjBO7NpH pic.twitter.com/pk77dgwq4a
— Bloomberg Crypto (@crypto) October 11, 2022

Bloomberg reported on October 11 that the SEC is looking into Yuga Labs to determine whether selling certain digital assets violates federal regulations and whether certain NFTs are “more analogous to stocks.”

Therefore, the Securities and Exchange Commission (SEC) announced that it would investigate Yuga Labs over allegations that the BAYC NFTs and ApeCoin are unregistered securities.

The news caused a 10% reduction in ApeCoin and could lead to additional losses for Yuga Lab asset holders. Meanwhile, it seems that Yuga Labs is trying to see the positive side of things.

ApeCoin Price Prediction

The current price of ApeCoin is $4.49, with a 24-hour trading volume of $94 million. In the previous 24 hours, ApeCoin gained more than 0.50%. CoinMarketCap is now ranked #37, with a $1.3 billion live market cap.

ApeCoin Price & Tokenomics – Source: coinmarketcap

There are currently 306,875,000 APE coins in circulation, with a total supply of 1,000,000,000 APE coins available. The APE/USD is currently facing immediate resistance at $4.5, and candle closings below this level imply the probability of a negative correction.

The bearish trendline is functioning as a major support on the 4 hours, and a break below this might take APE towards $4.20 or $4. A bullish breakout above $4.60 might push APE to $4.80 or $5. So, let’s watch $4.60 to see what occurs next.

Buyers Ape Into Rival NFT Game Calvaria’s RIA Token

Investors are looking for alternative investments as ApeCoin struggles with an SEC investigation. Calvaria appears to compete with APE, and it may be one of the projects to invest in.

https://www.twitter.com/CalvariaP2E/status/1579382244711534592?s=20&t=WFfO_VFWcRCfQ8lxsfodlQ

Launched recently, Calvaria is similar to other games of its genre in that it allows players to acquire and trade cards and engage in simulated combat with one another. The game places a premium on player accessibility by being made available via desktop and mobile app stores.

There is no requirement for players to have a wallet, cryptocurrency, or other assets to begin playing. This means that even those with minimal cryptographic knowledge can participate.

The availability of a Free-to-Play and a Play-to-Earn version of the game is, however, the primary factor in making it approachable. This makes it easier for people who aren’t already familiar with cryptocurrency to get started with it.

https://www.twitter.com/CalvariaP2E/status/1583399653571055616?s=20&t=WFfO_VFWcRCfQ8lxsfodlQ

Not only are they developing a game for the cryptocurrency market but also for the traditional gaming business, which is very intriguing. That should facilitate incorporating some of the lessons and insights gained into the Calvaria P2E crypto game.

Players earn and improve their cards in preparation for war in the hereafter. Different groups in the universe have their visual styles, which are reflected in the characters they use.

Despite the promising future of the P2E market, there is a pressing need for differentiation among providers. Calvaria does this by making P2E gaming available to users who don’t have or care about cryptocurrency.

https://www.twitter.com/CalvariaP2E/status/1579382244711534592?s=20&t=WFfO_VFWcRCfQ8lxsfodlQ