Connect with us


AXS rises despite Axie Infinity’s declining player count, details inside



AXS rises despite Axie Infinity's declining player count, details inside
Source: Unsplash
  • Axie Infinity (AXS) increased by over 10% as it looked to break into a new price range.
  • Axie Infinity’s active players have reduced by 8% in the last 30 days.

Axie Infinity [AXS] has seen remarkable price movement over the last few days, according to a post by Alicharts. But do these other metrics imply that the spectacular advance will continue, or will the price euphoria be short-lived?

Realistic or not, here’s AXS market cap in BTC’s terms

Price rise for AXS

AXS, when seen on a daily timescale, was in an uptrend for four days in a row until descending on 21 February. Throughout these four days, it increased by over 10% before declining by over 3% as of this writing. Throughout the monitored trading time, it was trading around $10.82.

Axie Infinity (AXS) price move

Source: TradingView

Also, the long and short Moving Averages (blue and yellow lines) were below the current price movement. Because of their relative positions, the blue and yellow lines effectively served as the support area for the asset around $10.5 and $9.8, respectively.

According to the Relative Strength Index (RSI), the asset was still in a bull trend, but the trend was eroding due to the value decline. Although the RSI line was still above the neutral line, it indicated a possible downward trend.

Volume and transaction volume go separate ways

The Santiment volume indicator revealed that the volume of transactions of Axie Infinity has increased and has been maintained since January. As of this writing, the volume was above 143 million, and the overall volume for the year has been greater than in the preceding months.

Axie Infinity (AXS) volume

Source: Santiment

The transaction volume indicator, however, responded differently, even though the volume indicator showed an uptick throughout the year. Except for a spike on 15 February, the indicator indicated that the transaction volume had been relatively low. The number of transactions was over 50,000 as of the time of writing.

Axie Infinity Transaction volume

Source: Santiment

Active players decline

However, despite these rising metrics, Axie Infinity had been losing players throughout the months, as evidenced by the number of gamers actively playing the game, per The statistic revealed that since February 2022, there had been thousands of losses. In addition, it lost over 20% of its active players in November 2022, and during the past 30 days, it has lost 8% of those players.

Axie Infinity active players chart


Is your portfolio green? Check out the Axie Infinity Profit Calculator

Despite the AXS token’s excellent movement, its price may be impacted by the low transaction volume and the steady drop in the number of active participants. If interaction with the ecosystem is deteriorating, it is difficult to understand how the utility can grow or remain constant.

It will be interesting to observe if the price of AXS can change independently of the usage reduction. 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.