Will Axie Infinity Recover?
|Current Market Cap||$625.7 M||Lower|
|Trading Volume||$29.6 M||Steady|
|Metric||Last 24 Hours||Trend|
|Net Social Media Sentiment||20.0%||Lower|
Axie Infinity Price Performance so far
- Year To Date (2023): -0.7%
- Last 12 months: -66.3%
- Since Launch (2021): +5900%
Latest Axie Infinity News
- There are 76600 holders of AXS, this has risen by 1k in a month
- Axie Infinity $AXS is now listed on Binance Japan.
- The Axie Infinity meta report for the Early Rare Era (August 1, 2023) reveals a diverse meta, with Leafy being the most dominant archetype. The new Starter Axies, Momo, and Venoki are also making an impact. Topaz remains strong despite the nerf, while Sustain and Triple Owl are also viable. Hot Butt teams are gaining traction, and there’s some experimentation with Sandal.
Will Axie Infinity Recover? What is Axie Infinity?
Axie Infinity is a blockchain-based game, reminiscent of Pokémon and Tamagotchi, where players can battle, collect, and develop digital realms for their pets using non-fungible tokens (NFTs). The game operates on a play-to-earn model, allowing players to start for free and earn by adding features. Axie Infinity Shards (AXS) and Small Love Potion (SLP) are their in-game currencies, tradable on various exchanges. Despite a potential price drop during COVID-19, the game’s adoption in countries like the Philippines led to a surge in the token’s value from $2 to approximately $160. With around 0.74 million global players, Axie Infinity stands out for its economic significance in gaming, especially in developing nations.
Differentiating itself from other blockchain games, Axie Infinity has attracted a diverse age demographic globally. The game provided a unique income source during the pandemic, even drawing in older individuals unfamiliar with blockchain. Axie Infinity’s development trajectory in 2022 focused on decentralizing its network. Initiatives like “Town builders” and the inclusion of over 700 community members in the Axie Contributors pilot program underscore this goal. The AXS token, integral to the platform, offers staking rewards and in-game earnings, positioning Axie Infinity for potential future growth. Despite recent price fluctuations, since its 2021 launch, the game has seen a staggering 5900% increase in value.
Will Axie Infinity Recover?
The number of players in Axie’s ecosystem has been a concern due to a significant decline from its peak. This downturn was partly attributed to the Ronin Bridge hack. Following the breach of the Ronin network, the active player count had been on a downward trajectory. Another contributing factor to the price decline was the unlocking of AXS tokens. Axie Infinity released a substantial number of restricted tokens to investors and insiders during an unlocking event, which allowed these investors to offload their AXS tokens.
Historically, federal funds rates had played a pivotal role in the economy’s growth and had the potential to sway cryptocurrency prices. An uptick in the federal funds rate had the potential to curb investor spending. High inflation rates and the corresponding increase in fed rates might have dissuaded individuals from venturing into gaming and platforms like Axie Infinity. A surge in the fed rate could have redirected investors towards more traditional avenues, sidelining speculative ones like cryptocurrencies.
Despite these challenges, Axie Infinity has demonstrated inherent utility, and its team has been actively striving to improve the platform and realize its long-term visions. However, for Axie to revisit its peak price, the prevailing liquidity and macroeconomic conditions needed to find equilibrium, a process that was anticipated to require more time. Price Predictions for Axie Infinity are Optimistic and it is likely the Token will see better days going forward.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.