Metacade raises $1M in hours in final presale stage despite SEC’s Wells Notice to Coinbase
- Metacade's presale is in its final stages, with $1 million worth of MCADE purchased in the last 24 hours.
- Coinbase Global Inc (NASDAQ: COIN) announced it had received a Wells Notice from the SEC on 22 March.
- Crypto community has rallied support for Coinbase, which has said it will battle SEC’s allegations in court.
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Despite a major crypto headwind,Metacade‘s final presale stage is seeing huge interest, with $1 million purchased in the last 24 hours. Indeed, the Metacade presale could be hours away from closing, with the final stage more likely to be sold out well before the presale’s scheduled closing date.
This is because Metacade’s MCADE token has continued to attract massive attention from investors, including nearly $1 million worth of MCADE purchased in the past 24 hours. The big move for Metacade comes even as the crypto community rallies support for Coinbase (NASDAQ: COIN) following disclosure that the exchange had received a Wells Notice from the US Securities and Exchange Commission (SEC).
Investors flock to Metacade amid Coinbase news and Fed’s 0.25% rate hike
Coinbase revealed on Wednesday evening that it had received a Wells Notice from the SEC, effectively disclosing an enforcement action from the US regulatory agency.
The crypto community’s reaction to the news is largely in support of the US-based cryptocurrency exchange. The SEC okayed Coinbase’s IPO in 2021, which meant the regulator was satisfied with the exchange’s business, including the Coinbase Earn program.
As Caitlin Long, founder & CEO of digital assets payments and custody solutions provider Custodia Bank, pointed out, most industry players are appalled at SEC’s action. To many people, this doesn’t add up and is only confirming the watchdog’s continued “regulation by enforcement” trajectory.
Coinbase says it’s ready to fight it out with the SEC in court if that’s the path the regulator has chosen, a move most crypto industry players say will likely pave the way for more clarity for investors and projects.
Also yesterday, the US Federal Reserve raised its interest rate by 0.25%, pushing the federal funds rate higher for a ninth straight hike. But as the Fed Chair Jerome Powell highlighted the reasoning behind the hike – the need to still battle elevated inflation amid recent bank chaos – the market’s reaction saw stocks and cryptocurrencies shed recent gains amid fresh jitters.
Regulatory uncertainty and fears over an overheating economy and recession thus remain key concerns for investors across the board. However, even as these hurdles tamper market sentiment, optimism over industry-specific narratives such as Artificial Intelligence and GameFi has seen interest in Metacade and other top projects continue to rise.
What is Metacade and why is it attracting so much interest?
Metacade is a blockchain project designed at the world’s first community-driven arcade. Unlike most other GameFi projects, Metacade is set to be a Web3 hub and will bring together the best of play-to-earn (P2E) gaming to users. The platform is therefore not a P2E game, but a gaming ecosystem powered by the native MCADE.
The project also plans to launch as a decentralised autonomous organisation (DAO) by Q2, 2024.
On Metacade, the community will have access to multiple income generating avenues, including for participating in project test runs and from governance rewards. The platform also offers Metcash – a token staking mechanism; and Metagrants – a project set to expand the GameFi experience for users via funding of new projects using the Metacade community’s treasury reserve.
If you are a MCADE holder, you will earn rewards for supporting the initiative, adding to the investment pool and incentivizing further growth.
The Metacade presale ends soon, with MCADE selling at $0.02
The MCADE token has been in presale over the past few weeks, offering investors and blockchain enthusiasts a chance to be early adopters ahead of its listing on multiple exchanges. MCADE is currently valued at $0.02, but could quickly soar when Metacade launches in the next few days.
While the presale was expected to end on 30 March 2023, it is nearly 80% sold out as of 6 am ET on Thursday 23 March as the final stage moves towards a close.
The Metacade presale page showed the project had raised about $11.9 million in the presale by Tuesday, 21 March. On Wednesday evening, 22 March 2023, the MCADE presale tracker showed a total of $12.8 million, with investors buying almost $1 million worth of MCADE in 24 hours.
As highlighted above, the MCADE presale is almost sold out. Of the 2 billion total MCADE supply, 70% was made available for the presale. 2.5% has been earmarked for Metacade competition pool, 5% for DEX liquidity provision and 10% for various development initiatives as part of the Metamap.You can join the presale here before the early bird offer ends.
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