The cryptocurrency exchange, Coinbase, has been accused by the Securities and Exchange Commission (SEC) of 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, a play-to-earn platform currently under pressure and selling off.
This shift in investor sentiment is why investors, gamers, stakers, and traders are examining DigiToads (TOADS), a meme coin with utility.
The reasons for this shift in attention away from Axie Infinity and towards DigiToads are being explored.
Axie Infinity dips
Axie Infinity, a play-to-earn game modeled along the lines of Pokémon, is popular in the blockchain gaming landscape. It operates on Ronin, an Ethereum side-chain developed exclusively to facilitate seamless gameplay. Within this digital universe, players can engage in battles with their avatars, winning prizes and in-game assets that can be subsequently traded for real money.
In 2021, Axie Infinity native token, AXS, rose to an all-time high of over $160. However, a security breach abruptly slowed down adoption. The Ronin bridge was exploited in March 2022, resulting in an unprecedented hack that saw $625 million worth of assets drained from the network.
While the game marginally recovered from the incident, its challenges were far from over. The recent news of AXS being listed as a security in the SEC lawsuit against Coinbase has been disruptive.
Currently, AXS is bearish, trading at around $4.9. This marks a drop of over 95% from its previous highs, underscoring the hurdles Axie Infinity now faces.
DigiToads: carving market share in play-to-earn landscape
DigiToads offers a range of features and utilities that have attracted the attention of investors in 2023. The ongoing examination of its tokens by investors indicates the potential interest in this cryptocurrency.
One notable aspect of the DigiToads ecosystem is its core currency, the TOADS token. This token enables players to make in-game purchases, including potions, food, and training equipment, enhancing their DigiToads’ abilities. The engaging mechanics of the game have captivated players and garnered interest from investors looking for promising projects, establishing TOADS as a noteworthy altcoin in the market.
DigiToads sets itself apart 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 treasury for trading purposes. The strategic implementation of this initiative aims to incentivize community engagement, promote efficient treasury management, and boost trading volume.
Additionally, DigiToads offers a non-fungible token (NFT) staking program that consistently rewards holders who stake their NFTs. With each transaction involving TOADS tokens, 2% is contributed to a rewards pool, ensuring a continuous stream of incentives for the community. This mechanism is designed to maintain engagement and motivate community members.
The recent performance of DigiToads has seen TOADS’ value rise by over 250% in the past two months. The presale stage alone has raised over $4.8 million, demonstrating significant interest and support.
In its seventh presale stage, 89% of the tokens have already been sold. The current price of TOADS is $0.042, and there is anticipation that it may increase to $0.047 in the coming days.
Bottom line
Axie Infinity, once a popular play-to-earn platform, is struggling. Recent events, including a security breach and being listed as a security in the SEC lawsuit against Coinbase, have raised concerns about its prospects. Amid this uncertainty, DigiToads has emerged as an alternative cryptocurrency, offering a range of utilities and reward opportunities beyond gaming.
Given the turbulent nature of the altcoin market, the TOADS token, an ERC-20 token associated with DigiToads, presents itself as a potentially reliable investment option for interested parties. The ongoing presale stages of TOADS ensure a gradual growth trajectory, rewarding early participants.
For more information on DigiToads, visit the website, join the presale, or join the community for regular updates.
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