- Large holders of ETH are not likely to opt to play Axie Infinity all at once. Hence the goal of these purchases is to maximise possible profits.
- The chart shows how AXS quotations performed the infamous early June movement, following the whole cryptocurrency market.
- Axie Infinity, particularly in the e-sports space, is said to still have the potential for the future.
Axie Infinity to The Moon
Axie Infinity, a well-known cryptocurrency game, and its AXS token managed to rank in the top 10 most purchased assets in a 24-hour period, according to the WhaleStats website. A purchase typically costs 167 tokens or $2,646. Large holders of ETH are not likely to opt to play Axie Infinity all at once. Hence the goal of these purchases is to maximise possible profits.
This theory fits particularly well with the fact that AXS’s price has fallen by more than 90% from its previous highs of $160. Price declines of between 75% and 90% are seen favourably in the cryptocurrency market as opportunities to add to positions. Evidently, AXS’s time has arrived.
The chart shows how AXS quotations performed the infamous early June movement, following the whole cryptocurrency market, and found themselves in a constrained price corridor with its bottom border at $12.35 per token.
That does not imply that Axie Infinity is performing well on its own. When it was discovered that many players were abusing the in-game mechanisms by utilising many phones and accounts simultaneously, the game received harsh criticism recently. These mischiefs led to the launching of another token SLP game. Axie Infinity, particularly in the e-sports space, is said to have the potential for the future still, as seen by the timeliness of the opponent search, which still indicates a sizable player base.
Source: https://www.thecoinrepublic.com/2022/07/24/axie-infinity-gaining-attraction-from-biggest-eth-whales/