The price of Axie Infinity (AXS) has dropped by 97% from its peak of $166 during the 2021 Metaverse rally, where it had reached a market value of $9.6 billion. So, what are the expectations for the popular cryptocurrency in the coming period? What do the latest data indicate?
Market Value of AXS
Axie Infinity (AXS), a prominent Metaverse project, has fallen out of the top 50 cryptocurrency market rankings. Its market value reached $9.6 billion at the peak of the 2021 Metaverse rally. However, as of September 8, 2023, its valuation has decreased by over 93% to $630 million. On-chain analysis discusses whether bears will push the AXS price to zero or if bulls can show a recovery while the game continues.
The AXS price dropped below $4.95 around August 20. However, on-chain data indicates that the Axie Infinity network has witnessed an optimistic response rather than panic. According to data compiled by Santiment, AXS Daily Active Addresses have been experiencing a steady rise since August 21.
Active Address Metric for AXS
On August 20, only 176 unique wallet addresses interacted with the AXS network. However, since then, AXS network activity has gradually increased and has surpassed 200 addresses on all days except one since August 31. The measurement of active addresses tracks the number of unique wallet addresses that engage in daily transactions, particularly among individual community participants.
Recent data indicates that the continuous increase in active addresses shows that individual investors are taking action to prevent ultimate losses. Increased network activity can often signify an increase in demand for the underlying asset. Additionally, the growth in active network addresses has helped AXS maintain its support level of $4.50 and halted the panic selling at the end of August.
According to the order books, many strategic investors have created a significant sell wall to mitigate the risk of Axie Infinity going to zero. Crypto investors have placed active orders to buy 1.25 million AXS tokens at current prices. Furthermore, bearish investors have only put 1.14 million AXS up for sale.
