DEXs, or decentralized exchanges, came under further governmental scrutiny in 2023. U.S. authorities have continued where they left off, initiating an investigation into Mango Markets, one of the top platforms.
The most valuable DEX coins have suffered a sharp decline in price due to heightened regulatory scrutiny. Many investors are already searching for alternatives because it is anticipated that the pressure from regulators will only get stronger this year.
One of the best cryptos to buy for investors trying to escape regulatory pressure is Galaxy Fox ($GFOX). This article will explain why DEX altcoins are responding to regulator pressure and why $GFOX is an excellent alternative.
DEX Coins Nosedive As Regulators Increase Pressure
Over the years, DEXs have faced many regulatory challenges due to AML/KYC concerns, security token classification, and legal responsibility. Many of these challenges stem from DEX’s prioritizing user privacy.
Regulators in the United States have increased their scrutiny over DEXs. They have even opened an inquiry into the governing body of Mango Markets, MangoDAO. The report has sent a shockwave across the DEX market, causing some of the best altcoins to plunge.
The top 20 DEX coins by market cap are down double-digit on the weekly chart. THORChain and PancakeSwap are down by 16%. BakerySwap is the worst hit, dropping by almost 40%.
Meanwhile, the Mango Markets coin has lost 25% of its value. Amidst this decline, Galaxy Fox has emerged as one of the best cryptos to buy.
Savvy Investors Escape the Crash With Galaxy Fox ($GFOX)
While DEX tokens have been on the decline, Galaxy Fox ($GFOX) has been on the increase. Due to its unique gaming model, Galaxy Fox ($GFOX) has seen a sharp increase in attention. The goal of the initiative is to improve the lives of investors while improving the meme coin market significantly.
Galaxy Fox accomplishes this by fusing the meme coin culture with a blockchain gaming ecosystem. Galaxy Fox is thus a dual-purpose project that never gets old or boring. The ecosystem’s main focus is the game.
Players will select from a variety of customizable unique fox characters in the Galaxy Fox web3 infinite runner game. Players will travel across an immersive virtual environment, competing and ruling worlds within the virtual world with their own foxes.