Axie Infinity Price is Going to Zero after SEC Lawsuit Calls AXS a Security But Green Crypto Ecoterra Just Raised $5 Million – 100x Potential in 2023?
Last week was catastrophic for Axie Infinity Shards (AXS), the native token that powers web3 play-to-earn (P2E) gaming ecosystem Axie Infinity.
AXS dropped more than 30% from around $7.6 per token to fresh near two-year lows under $5.0 per token, its worst one-week performance in more than two years.
The catalyst for the drop was the US Securities and Exchange Commission (SEC)’s claim that AXS (and a number of other major cryptocurrencies) is a security, which was made in a double whammy of lawsuits against Coinbase and Binance.
Assets deemed as securities face significantly higher levels of regulation in the US than non-security assets (like commodities).
The verdict on whether AXS is a security or not is still out and will ultimately be determined by US courts, but the threat that AXS may face higher regulations in the future may encourage crypto platforms operating in the US to delist the cryptocurrency, reducing its demand and liquidity.
AXS could now fall all the way to test its May/June 2021 lows under $3.0 per token, marking a further 40% decline from current levels, and taking the pullback from the 2021 bull market highs to around 97%.
Given the extent of the AXS price decline, some analysts are making the inflammatory claims that the AXS token price could be headed to zero.
Given that the Axie Infinity team continues to build out the game and deliver on the project’s roadmap, that prediction probably won’t ultimately prove correct.
But nonetheless, AXS’s near-term outlook isn’t great.
But things are going much better for a new green crypto project called ecoterra.
As outlined in the project’s Whitepaper, Ecoterra is building an all-in-one $ECOTERRA-powered web3 ecosystem, designed to encourage recycling via its
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