Altcoins on Ethereum Face Challenges During Crypto Winter
As the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler prepares to assert jurisdiction over alternative cryptocurrencies, altcoins on Ethereum are struggling through the difficulties of the crypto winter. The impact of the rough market conditions has been felt by popular memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE), as well as reputable Layer-2s such as Arbitrum (ARB) and Polygon (MATIC). One of the hardest-hit tokens is ApeCoin (APE), the native currency of ApeCoinDAO and the Bored Ape Yacht Club, which has plummeted by a staggering 42% over the past month.
Furthermore, ApeCoin has reached a new all-time low, despite its utility in metaverse gaming. Despite being supported by Ethereum whales and the Bored Ape community, APE’s price dropped to $1.13 on September 11, 2023.
ApeCoin Shows Signs of Recovery
Currently, ApeCoin is trading at $1.16, showing a slight bounce back from its all-time low. However, the price floor of the associated Bored Ape Yacht Club’s NFTs has also increased from its lowest point of 21.99 to 26 Ether (ETH), although it is still far from its previous levels of success.
On the Flipside
Yuga Labs, a prominent company in the web industry, was valued at $4 billion at its peak in 2021.
Why This Matters
The SEC’s potential jurisdiction over alternative cryptocurrencies has significant implications for the crypto market. The struggles faced by altcoins on Ethereum highlight the challenges and volatility present during the crypto winter.
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