• The SEC has filed a lawsuit against cryptocurrency exchange Coinbase for violating federal securities laws, which has caused uncertainty in the market and impacted the price of Axie Infinity’s native token, AXS.
• Investors are now turning to DigiToads (TOADS) as an alternative play-to-earn platform, due to its multitude of features and utilities.
• TOADS is the core currency of DigiToads ecosystem, enabling players to make in-game purchases and receive rewards for playing games.
SEC Lawsuit Against Coinbase Impacts Axie Infinity Market
The Securities and Exchange Commission (SEC) recently filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating federal securities laws. This news has caused uncertainty within the community, especially since a similar lawsuit was filed against Binance the day before. The news has impacted the market, with COIN share prices dropping by 20% in pre-market trading. Among the tokens implicated in the lawsuit was Axie Infinity’s native token AXS, which is currently bearish and trading at around $4.9 – a drop of over 95% from its previous highs.
Investors Turn to DigiToads as Alternative Play-to-Earn Platform
In light of this shift in investor sentiment away from Axie Infinity, investors have been examining DigiToads (TOADS) as an alternative play-to-earn platform with utility. TOADS is the core currency of DigiToads ecosystem that enables players to make in-game purchases and also receive rewards for playing games. Additionally, it offers a range of other features such as staking rewards and community engagement activities that have attracted investors‘ attention in 2023.
Axie Infinity’s Challenges
Axie Infinity is a popular play-to-earn game modeled along Pokémon lines which operates on Ronin, an Ethereum sidechain developed exclusively for facilitating seamless gameplay experiences between users within its digital universe. In 2021, AXS rose to an all time high of over $160 before facing challenges due to a security breach on its Ronin bridge last March 2022 which resulted in an unprecedented hack draining $625 million worth of assets from its network . Although it marginally recovered from this incident ,the recent news about AXS being listed as a security in SEC’s Coinbase lawsuit has been disruptive ,leading investors away from Axie Infinity towards DigiToads .
Features Attracting Attention Towards DigiToads
Digitoads offers various features such as staking rewards ,community engagement activities etc that have led investors towards it . Its core currency TOADS enable players to make ingame purchase or earn rewards by playing games . Moreoever ,the meme coin also provides utility beyond just speculation making it more attractive than other cryptocurrencies .
As crypto ecosystems continue to evolve ,it will be interesting to see how traders respond towards new developments like these . Adoption of different platforms depend on multiple factors such as legitimacy ,utility & interest among others . As long term investments become more prevalent amongst traders we can expect them exploring options available under each crypto asset class more closely than ever before .