Will The ApeCoin Price Recover - Buyers Ape Into Rival NFT Game Calvaria's RIA Token
The price of ApeCoin has dropped by more than 16% this month to $4.50 following news that Yuga Labs, the $4 billion firm behind the Bored Ape Yacht Club, is under investigation by the Securities and Exchange Commission. According to a Bloomberg report citing an anonymous source, the SEC is investigating allegations that the company's NFTs violated security registration regulations. ApeCoin Under Pressure Following SEC Investigation The Bored Ape Yacht Club is a highly successful NFT initiative, with the main collection of 10,000 NFTs selling for $190 worth of Ethereum upon launch. About $1.9 million was the total profit from that sale for Yuga. The subsequent spinoffs and sequels, the Mutant Ape Yacht Club, and the Otherside metaverse game, grossed $96 and $319 million, respectively. The secondary market for BAYC has seen approximately $2.5 billion in volume, as reported by CryptoSlam. Additionally, $3.35B was traded in secondary market...