Axie Infinity, recognized as one of the best play-to-earn (P2E) games based on blockchain, has experienced a decline in its local token, AXS, parallel to the general market. These losses resulted in significant losses reported by token holders as they reached new lows.
AXS Coin Review
Data shared by crypto analysis platform IntoTheBlock, prepared by analyst Ali Martinez and shared on September 1, shows that 99.54% of AXS addresses are currently in a loss position.
It is worth noting that AXS has performed among the best assets in its category during the crypto bull run. However, the current price trend indicates a decrease in confidence among investors.
Indeed, AXS initially succeeded due to its first-mover advantage when it effectively carried out a game tokenomics within a blockchain-based ecosystem. In particular, current profitability data could potentially impact AXS user activity. However, such events are commonly observed during bear markets.
AXS Coin Future
Interestingly, despite the decline in profitability, AXS continues to demonstrate positive on-chain metrics. For example, according to crypto analysis platform Dapp Radar, as of September 5, AXS reached a total of 1.5 million transactions, recording over 30% growth in the last 30 days.
Meanwhile, the platform relies on network activity to generate interest that could lead to a positive price movement. An example of this strategy was the reintroduction of the “Streamer Rewards Program” by the platform.
Axie Infinity relaunched this program after its initial test in February, during which approximately 200 Axie content creators collectively streamed over 1,500 hours. Axie Infinity increased the total prize pool from 300 AXS to 600 AXS in order to boost participation. Despite the bearish outlook, investors continue to remain optimistic about the high growth potential of Axie Infinity’s cryptocurrency.
Looking at the price performance of AXS, short-term gains can be observed. The token was trading at $4.56 at the time of writing, showing an increase of more than 1% in the last 24 hours. However, the token had experienced a decrease of approximately 10% in the past seven days.
Considering the current situation, the data indicates that Axie Infinity faces a significant challenge in returning to its all-time high levels. However, as a pioneering force in the play-to-earn movement, the project may have a unique and lasting position that should not be easily overlooked.
