Axie Infinity seems have to wait for next rally

Axie Infinity, one of the NFTs gaming platforms has seen notable attraction over the last year. The project provides an opportunity for Play-to-Earn, so gamers globally can generate passive income. 2022 began with a small bullish sentiment, but later the price plunged. On Wednesday, the entire crypto market faced a major dip. Notably, that was the second significant crash within a few weeks as the total market lost more than 8% late last month. AXS, the native crypto asset of the gaming metaverse, was leading the latest fall.

Axie Infinity sheds over 15% in 24-hours

As the crypto market crashed this week, we observed Axie Infinity dropping by more than 15% in just 24-hours. AXS tokens have been following the broader market trend over the past two months. Notably, the token has plunged by more than 51% from it’s all-time high level of $160.3.

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Still, we have observed that the Axie Infinity Ronin bridge has been facing higher inflows than outflows, at least for Ether. Besides, when it comes to AXS on-chain data, we have noted almost 5X to 10X higher outflows than inflows over the past week.

AXS hodlers are sitting idly

As the global crypto market witnessed a notable crash, Axie Infinity investors were led to sit idly since there is no solid motivation to move around their assets. Following the scenario, buying of AXS has been rampant. Indeed, within a couple of months, over 4.7 million tokens have already been purchased from exchanges.

Moreover, such behaviour in the crypto market could continue to step ahead. This comes primarily as the asset does seem lucrative at the moment since the overall Axie Infinity network is still in profits. Notably, over the past year, AXS price has witnessed a growth of more than 26,000%. 

AXS investors are still in profit

The Axie Infinity investors’ status right now shows that about 96% of all addresses are safe from losses. Following the scenario, the network could witness new investors joining at the right entry point. Still, currently the asset is at its lowest point over three months.

Besides, analysts in the cryptosphere observed that the brains behind the project are consistent with their developments. Recently, following the schedule of their whitepaper, the team behind the gaming platform has reduced the staking rewards from two million to more than 1.5 million a month.

However,  if investors are still planning to acquire the asset, they should remain cautious of possible dips, as AXS is strongly following Bitcoin’s movement.