The persisting bearishness in the market has left many altcoins struggling to make it back up to their top. And this list of altcoins includes some of the biggest tokens in the market. Axie Infinity [AXS] is one such token that has been impacted by the bearishness of the market. However, despite being at a yearly low, Axie Infinity holders are far richer than many other investors.
Axie Infinity investors are on a roll
When a network has fewer investors, it isn’t considered the most ideal option for investment. However, in the case of Axie Infinity, this seems to have worked out in favor of the HODLers. Having only 16.79k AXS HODLers on the network enables these investors to be worth more than $272k. In fact, at one point in November 2021, the average balance on each address reached almost $3 million.
Axie Infinity investors’ average balance | Source: Intotheblock – AMBCrypto
The average balance usually goes down due to one of two things, either the price rises or the number of investors. In the case of AXS, it is the former, as the existing investors are still more than other asset holders. Furthermore, most of these investors have held on to their supply for a period of more than 12 months which is how 67.96% of them are still in profit despite AXS falling by more than 91%.
The ones who bought their AXS above the $14.55 mark, however, are facing losses, but they only account for 30% of all AXS investors.
Axie Infinity investors in profit | Source: Intotheblock – AMBCrypto
The crypto fear is real
These investors, however, are not alien to the existing fear in the market either. According to the Crypto Fear and Greed Index, the crypto market is still in a state of fear despite being at a two-month high, away from the all-time lows.
This fear has not only maintained a grip on the current holders but is also preventing newer people from investing.
Crypto Fear and Greed index | Source: Alternative
Consequently, AXS holders have resorted to HODLing, not as much as by choice, though. Regardless, this cohort now accounts for 66.37% of all the addresses on the network.
Axie Infinity LTHs growing | Source: Intotheblock – AMBCrypto
At the time of writing, AXS stood at $14.69 and in the red. Furthermore, the Relative Strength Index (RSI) is on a sideways move and is moving just below the neutral 50 line. The Awesome Oscillator (AO), although below the zero line, did flash green bars indicating a slow and steady move. Thus, considering the price of AXS over the last few dyas. it is questionable whether or not investors will decide to sell.
Source: TradingView
