Apecoin Price Chart

The US Securities and Exchange Commission (SEC) is investigating Yuga Labs, the parent company of the well-known Bored Ape Yacht Club NFT collection, for a potential securities violation regarding its offers of digital assets, according to Bloomberg posts on October 11. Regulators are increasingly paying attention to digital assets, crypto companies, and the entire crypto sector. It is part of ongoing efforts to ensure that cryptocurrency businesses and the general market adhere to the rules.

As a result, the SEC is investigating whether the Florida-based startup’s non-fungible tokens are comparable to traditional securities. As part of its investigation into Yuga, the regulator is also looking into whether the same disclosures required by law for securities offerings should apply to the sale of digital assets. The ApeCoin (APE) coin, the Mutant Ape Yacht Club, CryptoPunks, Meebits, the Otherside Metaverse, and BAYC comprise the brand portfolio.

SEC Investigates BAYC NFTs As Securities

According to the report, which quotes an anonymous source, the agency is investigating whether the cryptocurrency startup violated federal law by issuing NFTs that function as stocks. It is also looking into the distribution of the ApeCoin token, which was released earlier this year and is based on Ethereum.

According to the source, no allegations of wrongdoing have yet been made against Yuga Labs, and the investigation may not even result in charges. Regulators and policymakers are interested in learning more about the innovative environment of Web3. Yuga Labs intends to collaborate with the rest of the industry and regulators to define and shape the emerging ecosystem. Furthermore, as a space pioneer, Yuga offers full cooperation with any inquiries that arise along the way.

Whatever happens, according to a source, Yuga Labs is the most valuable NFT company, and the SEC’s decision will almost certainly set an industry precedent.

What Impact Does It Have on OpenSea?

OpenSea has added Avalanche (AVAX) chain compatibility as its seventh blockchain for NFT transactions. AVAX traders, on the other hand, appeared unconcerned as the token continued its gradual decline during an unfavorable week for digital collectible markets. Furthermore, NFTs are not currently in perfect shape. The significant decline in NFT sales across several NFT markets, including OpenSea, suggests that the enthusiasm around the technology has faded.

However, Yuga Labs is under investigation by the SEC, indicating that the attention around NFTs hasn’t decreased.

Buy BAYC NFTs on OpenSea

The Bored Ape Yacht Club is made up of 10,000 unique Bored Ape NFTs on the Ethereum blockchain (BAYC). OpenSea is a New York-based American non-fungible token marketplace. OpenSea is a blockchain-based decentralized platform for buying, selling, and trading NFTs via smart contracts. The platform’s smart contracts prevent fraud, and creators can set their own prices for selling their tokens. You can find NFTs on a variety of internet markets and expand your collection there.

One of the major markets, OpenSea, has a large selection of digital treasures, including BAYC, in its online gallery. This online market functions similarly to an auction house, with users able to submit a fixed-price bid or purchase the item directly.

Under the leadership of Gary Gensler, who was appointed chair of the SEC in April 2021, the agency has increased its scrutiny of the crypto and NFT markets. To that end, Gensler has taken a number of steps recently, including labeling nine tokens listed on Coinbase as securities, and has expressed the opinion that virtually any other crypto token besides Bitcoin could be a security.

ApeCoin’s Price Tumbled

ApeCoin’s current price is $4.51, with a 24-hour trading volume of $95 million. ApeCoin has increased more than 1% in the last 24 hours, however, it lost more than 13% in the last seven days.

Apecoin Price Chart

ApeCoin Price Chart – Source: Tradingview

CoinMarketCap now ranks #38 with a live market cap of $1.3 billion. There are 306,875,000 APE coins in circulation, with a maximum supply of 1,000,000,000. On the technical front, the APE/USDT is trading with a bearish bias at $4.45, with a break below this level pointing to $4.19. On the downside, APE could find support near $3.25. Given that leading technical indicators like the RSI and MACD are pointing down, consider looking for a sell position if the $4.50 level is breached. Moreover, traders will also wait for $4.15 to break before entering a sell trade.

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