The Securities and Exchange Commission (SEC) has charged cryptocurrency exchange, Coinbase, with violating federal securities laws.
This news caused uncertainty within the community, especially since a similar lawsuit was filed against Binance the day before. The news affected the market, as COIN share prices fell by 20% in pre-market trading.
Among the tokens implicated in the lawsuit is Axie Infinity, a gambling-for-profit platform that is currently under pressure and sell-off.
This shift in investor sentiment is why investors, players and traders are checking out DigiToads (frogs), a utility meme currency.
The reasons for this shift of interest away from Axie Infinity and towards DigiToads are being explored.
Axi Infinity Retreat
Axie Infinity, a game to be played to earn in the style of Pokémon, is very popular in the blockchain gaming scene. It runs on Ronin, an Ethereum side chain developed exclusively to facilitate smooth gameplay. In this digital world, players can engage in battles using their avatars, winning in-game prizes and assets that can later be traded for real money.
In 2021, the original Axie Infinity token, AXS, rose to an all-time high of more than $160. However, the security breach suddenly slowed down the adoption process. The Ronin Bridge was exploited in March 2022, resulting in an unprecedented breach that saw $625 million worth of assets drained from the network.
While the game has recovered marginally from the accident, its challenges are far from over. The recent news that AXS has been listed as a security in the SEC lawsuit against Coinbase has been devastating.
Currently, AXS is bearish, and it is trading at around $4.9. This is a drop of more than 95% from its previous highs, highlighting the hurdles now facing Axie Infinity.
DigiToads: Carving out market share in the gaming scene to earn
DigiToads offers a range of features and facilities that have caught the attention of investors in 2023. Constant scrutiny of its tokens by investors indicates potential interest in this cryptocurrency.
One notable aspect of the DigiToads system is its base currency, the TOADS token. This token enables players to make in-game purchases, including potions, food, and training equipment, which enhance the capabilities of their DigiToads. The game’s share mechanics have attracted players and garnered interest from investors looking for promising projects, establishing TOADS as a noteworthy altcoin in the market.
DigiToads distinguishes itself from other decentralized finance (DeFi) projects with its Platinum Toads initiative. This initiative rewards an active community member each month by granting remote access to a portion of the TOADS locker for commercial purposes. The strategic implementation of this initiative aims to stimulate community participation, enhance treasury management efficiency, and increase trading volume.
In addition, DigiToads offers a non-fungible staking (NFT) program that continuously rewards equity holders who participate in their NFTs. With every transaction involving TOADS tokens, 2% is contributed to a reward pool, ensuring a continuous stream of incentives for the community. This mechanism is designed to keep community members engaged and motivated.
The recent performance of DigiToads has seen the value of TOADS rise by more than 250% in the past two months. The pre-sale alone has raised over $4.8 million, which shows great interest and support.
In its seventh pre-sale phase, 89% of the tokens have already been sold. The current price of TOADS is $0.042, and there is an expectation that it may rise to $0.047 in the coming days.
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Once a popular earning platform, Axie Infinity is struggling. Recent events, including a security breach and its listing as security in an SEC lawsuit against Coinbase, have raised concerns about its prospects. Amid this uncertainty, DigiToads has emerged as an alternative cryptocurrency, offering a range of facilities and reward opportunities beyond gaming.
Given the turbulent nature of the altcoin market, TOADS token, an ERC-20 token linked to DigiToads, presents itself as a reliable investment option for interested parties. TOADS’ ongoing pre-sale phases ensure a gradual growth path, rewarding early participants.
For more information about DigiToads, visit websiteOr join the pre-view or join the Community For regular updates.
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