COTI is Going to Zero After the SEC Deems the Token a Security While This Lesser Known Green Crypto Just Hit $5.1 Million – Time to Buy?
The $COTI price is fast going to zero in wake of the US Security and Exchange Commission’s (SEC) assessment that the token is a security.
$COTI, which powers the COTI network, was last trading around $0.043, having lost more than 35% of its value since the start of last week.
That’s when the SEC unveiled new lawsuits against Binance and Coinbase, labeling $COTI and dozens of other cryptocurrencies as securities in the process.
The cryptocurrency is now down a staggering more than 95% from its record highs hit in late-2021 around $0.93.
$COTI considers itself a “regulation-ready” crypto network, as per the project’s website.
Being “regulation-ready… is a base requirement for enterprises when entering Web3,” the project explains.
“COTI has performed Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to all holders of COTI’s native coin in the COTI VIPER Wallet since inception and works in a prudent manner, making it ready for the challenges of tomorrow”.
Excellent KYC and AML controls on the COTI network were not enough to stop the SEC labelling the crypto as a security.
A near-term retest of last week’s record lows around $0.04 for $COTI seems likely, in wake of the crypto’s failure to recover back above key resistance in the form of the early 2023 lows in the $0.048 area.
While the $COTI outlook is dire, things are looking up for this lesser-known 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 first-of-its-kind Recycle-to-Earn (R2E) app.
The platform will also facilitate trade in recycled materials and encourage individuals and businesses to offset their carbon footprint.
And the
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