Red alert: three popular altcoins are losing value while others are soaring. What’s wrong with them?

Red alert: three popular altcoins are losing value Thursday, January 12 began with Bitcoin and Ethereum rising in value again after a few days of stasis. BTC is trading above $18,000, and Ether is almost $1,400. Following them, altcoins are traditionally rising in price. This was observed on January 9. On that “green day,” only three tokens were not growing in price.

But today the situation looks more interesting. While other altcoins are rising in price, several quite popular tokens are rapidly depreciating. Those three losers are Bitcoin SV (BSV) at -7.9% in 24 hours, FLARE (FLR) at -6.8%, and ApeCoin (APE) at -4.6%.

What is Bitcoin SV (BSV), and what happened to it?

Within a day, the price of the BSV cryptocurrency dropped from $44 to $40 and continues to fall.

On January 11, the stock trading app Robinhood warned that Bitcoin SV (BSV) will no longer be supported. The delisting will take place before the end of the month. Robinhood’s users will no longer be able to buy, sell, or transfer Bitcoin SV after January 25, the company said in a statement. 

Any remaining BSVs in customers’ accounts after that will automatically be sold and credited to their Robinhood buying power.

Consequently, the owners of BSV rushed to sell it, thereby knocking down the price.

Bitcoin SV stands for Bitcoin Satoshi Vision, as the developers of the blockchain project and its cryptocurrency claim that their goal is to realize the original vision of Bitcoin by its pseudonymous founder Satoshi Nakamoto. Bitcoin SV creator Craig Wright even claimed to be Nakamoto.

The developers claim that Bitcoin SV is the fastest public ledger, capable of supporting more than 50,000 transactions per second (TPS). By comparison, the original Bitcoin has a TPS rate of 7.

Through the use of Bitcoin Scripting, each transaction can be a smart contract, a cryptographically secure token, or an NFT. sCrypt is a high-level smart contract language for Bitcoin SV.

What is FLARE (FLR) and where is the price going?

The cryptocurrency market has always been sensitive to trends and the opinions of influencers. The drop in the price of FLARE tokens is due to David Schwartz, Ripple’s chief technology officer, criticizing the recent blockchain initiative. FLR’s price went from $0.05 to $0.04 overnight.

Earlier this week, the long-awaited airdrop (free distribution) of Flare Network tokens for Ripple Coin (XRP) holders took place. It included a first 15% FLARE distribution to wallets holding XRP on December 12, 2020: 0.1511 FLR for every 1.0000 XRP stored.

Schwartz said current rules for owning FLR tokens and receiving subsequent airdrops are such that there is no incentive to hold the tokens. He also added that any buyer of Flare tokens can get an airdrop, so holders have nothing to lose by selling them immediately. The Ripple CTO believes that Flare was trying to give “only 15% of what they promised” and was using the XRP community to grow.

FLARE is a Layer-1 blockchain based on EVMEthereum Virtual Machine is a software platform utilized by developers for creating decentralized applications. EVM could also help in executing and deploying smart contracts on the Ethereum blockchain. that allow the design of new use cases and monetization models. This blockchain allows developers to create an ecosystem of reliable and decentralized applications (dApps) with the ability to interact between them.

What is ApeCoin (APE) and what are the reasons for its falling price?

Over the past 24 hours, the price of the token has collapsed from about $5 to $4.

On January 11, there was information about an upcoming class-action lawsuit against Yuga Labs, which launched ApeCoin. The law firm that manages this case urged Yuga Labs investors, who suffered losses from the acquisition of BAYC NFT, ApeCoins, and virtual land in the Otherside metaverse, to contact it. This applies to those affected between April 23, 2021, and December 8, 2022. Yuga Labs, its insiders, and paid promoters are preparing to be formally charged with securities fraud. The last day to file as lead plaintiff is February 6, 2023.

ApeCoin is an ERC-20Standard for fungible tokens created using the Ethereum blockchain. governance and utility token used within the APE Ecosystem. ApeCoin holders can vote on how the ApeCoin decentralized autonomous organization (DAO) Ecosystem Fund should be used. 

The APE ecosystem emerged from the success of the NFT collection Bored Ape Yacht Club (BAYC), and consists of token holders, applications, and developers who use the token. APE, for example, can be used for more than just voting among holders. For example, if a Web3 game is created in the APE ecosystem, it can accept ApeCoin as payment for in-game skins and objects.

The APE Ecosystem includes members of Yuga Labs, the creators of BAYC, as well as the owners of NFT BAYC and MAYC (Mutant Ape Yacht Club), companies and individuals who were actively involved in creating the ecosystem and the Otherside metaverse.

What’s next for Bitcoin SV (BSV), FLARE (FLR), and ApeCoin (APE)?

Bitcoin SV (BSV)

The reasons why Robinhood decided to drop Bitcoin SV (BSV) are still unknown. It is only known that the company conducts a thorough verification of cryptocurrencies on its platform, trying to avoid the presence of unregistered securities. In any case, the removal of the Bitcoin SV token makes one wonder if the company has any regulatory problems.

FLARE (FLR)

At the start of the distribution, tokens were worth $0.0797, which means that they have already lost 44.84% of their value. 

Twitter user Thanasimos, who is signed as a project manager at FLR Finance, said that the token will soon be more valuable, but not more expensive.

If FIP.01 passes, FLR becomes a massively inflationary token. The chart will have a continual downtrend.

FLR is not going to be a traders’ token, but it will likely be very rewarding for those that are involved in the network.

Don’t expect a 10x price. But a 10x value?

— Thanasimos (@Thanasimos_FF) January 11, 2023

ApeCoin (APE)

The situation with ApeCoin (APE) looks shakier. In the next month or two, amidst the litigation, the price will be like a roller coaster.

Meanwhile, Yuga Labs has announced the imminent launch of an NFT game in which players must navigate sewers to earn NFT rewards. Beginning Jan. 17, players will be able to get a free Sewer Pass, which gives access to the Dookey Dash game. Anyone with a Sewer Pass can play, even if they don’t have an NFT from the BAYC collection.

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