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Axie Infinity, the popular play-to-earn blockchain game, faces an uncertain future as the U.S. Securities and Exchange Commission (SEC) classifies its native token, AXS, as security.
SEC Classifies AXS as a Security: Impact on Axie Infinity’s Play-to-Earn System and Investors
AXS dropped in value by more than 30% in the past week, hitting its lowest point in almost two years. The token currently sits below $5 per token, following its new label as a security by SEC. However, the U.S. courts will determine the final decision on whether to label AXS as a security.
After filing legal action against Coinbase and Binance, SEC classified AXS and other major cryptocurrencies as securities. This classification has had a negative impact on AXS and its play-to-earn gaming system, affecting investors and the company’s performance.
📰 The SEC has specified 12 tokens as securities in its legal action against #Binance, including $BNB, $BUSD, and $SOL
However, $USDT and $ETH were not listed as securities 👀
You can confidently purchase $ECOTERRA without any concerns ⬇️https://t.co/1fYkPOsPYG pic.twitter.com/FHkoggEnHl
— ecoterra (@ecoterraio) June 14, 2023
Securities in the U.S. face stricter regulations compared to non-security assets. Soon, crypto platforms in the U.S. will be forced to remove AXS due to potential regulations, reducing demand and liquidity in Axie Infinity. Additionally, this could cause the value of AXS to drop further, possibly reaching its previous lows from May/June 2021, when it was valued below $3. Such a decline would result in a loss of around 40% compared to current levels and approximately 97% compared to the highs of 2021.
AXS Price Analysis. AXS 4-Hour Chart Analysis
Axie Infinity began the downtrend beginning of the week, on June 5, bottoming at $4.68. That said, the price has not rebounded and has been consolidated, beginning the day on a bearish note. However, this move is short-term as the price might bounce on the support level expecting the bulls to push prices higher.
On the other hand, the price of Axie Infinity is trading below the 50 and 200 moving averages. This shows selling pressure. However, the price is trading slightly below the 50-moving average with small tiny buy candles appearing, an indicator that buying pressure will be inevitable if the price moves above the 50-moving average.
At the time of trading, Axie Infinity’s (AXS) price is trading at $4.85, showing a decrease of 1.40% in the last 24 hours. Over the past week, it has experienced a 1.06% increase in price. The game has a circulating supply of 120 million AXS, valuing it at a market cap of $561,248,888. In the short term, AXS doesn’t appear promising.
However, there is good news for investors and traders as they can jump on the Ecoterra opportunity and make worthwhile returns.
Ecoterra: An Eco-Friendly Crypto Project with Strong Presale Success
Ecottera is a new eco-friendly crypto project that emerges as a promising profitable project, aiming to construct a comprehensive web3 ecosystem. Their whitepaper introduces a Recycle-to-Earn (R2E) system that promotes recycling, facilitates trade in recycled materials, and encourages individuals and businesses to offset their carbon footprints.
Crypto transactions pose environmental risks due to the substantial computing power required for verification and recording on the blockchain, leading to high energy consumption. Ecoterra, an environmentally conscious web3 project, will be crucial in addressing global climate change as crypto adoption expands.
Most mining operations rely on power generated from fossil fuels, contributing to greenhouse gas emissions and exacerbating climate change’s effects. Additionally, the demand for mining rigs that consume high energy has led to increased power wastage, as outdated equipment is dumped rapidly.
$ECOTERRA Raises $5.19 million in Presale Anticipating 100x Growth in 2023
The ongoing crypto presale for Ecoterra’s platform development is a significant success due to the strong support it has received. The presale of $ECOTERRA tokens has raised over $5 million in presale offers. This indicates the overwhelming strong support for the project’s vision. It has also helped the platform gain traction since the presale began. At the time of writing, the token price is $0.00925.
With the presale ending in 9 days, the price is set to increase to $0.01. Plus, the momentum of the presale is only set to grow as more users try out the R2E demo. Investors can seize this opportunity and make worthwhile returns.
Currently, $ECOTERRA has a total supply of $2 billion tokens, with 50% of that stake going to presale investors, 20% to ecosystem liquidity, 10% to listings and marketing, 5% to corporate adoption, and 5% to the team.
Experts believe in the potential of $ECOTERRA to address climate change. Ecoterra uses blockchain to encourage recycling and carbon offsetting, allowing users to track their environmental impact. Users are rewarded with $ECOTERRA tokens when they recycle through the R2E app.
ecoterra goes beyond being a typical sustainable project 🌿
We harness the power of #Blockchain technology to provide complete transparency and seamless accessibility to all users 💎
Join our #Presale today to support a #EcoCrypto revolution⬇️https://t.co/1fYkPOsPYG pic.twitter.com/BFYXKNOMR6
— ecoterra (@ecoterraio) June 12, 2023
Businesses can offset their carbon footprints and buy recycled goods using $ECOTERRA. The platform offers transparency through blockchain and has special privileges for token holders. There are plans for $ECOTERRA holders to earn passive income by staking their tokens.
Analysts expect significant gains in value, especially with the upcoming launch of cryptocurrency exchanges. They also hope for increased adoption and usage of $ECOTERRA, leading to further value appreciation.
The Ecoterra project stands out due to its unique approach. Cryptocurrencies, in general, have been criticized for their high carbon emissions and negative environmental impact. This is mainly because cryptocurrency mining requires significant energy consumption. Bitcoin mining, for example, has been compared to the annual energy usage of entire countries and is associated with substantial carbon emissions.
Ecoterra Addressing Environmental Concerns with Proof-of-Stake and the ECOTERRA Token
Ecoterra has emerged as a platform that operates on a proof-of-stake consensus mechanism to address environmental concerns. This means users need to hold a certain number of coins in their wallets to validate transactions and create new blocks, eliminating the need for energy-intensive mining.
This innovative approach sets Ecoterra apart from many other cryptocurrencies and attracts environmentally conscious individuals to the platform, garnering support from the green revolutionaries.
The native token of Ecoterra, ECOTERRA, has gained popularity among supporters of the green movement, who are eager to see the platform succeed and grow. Other investors who still need to participate are encouraged to join the ongoing presale.
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