Axie Infinity Experiences a Resurgence in Usage and AXS Token Price
The bear market had a negative impact on Axie Infinity, causing a significant drop in its value and usage. However, there seems to be a resurgence in the ecosystem now, with the AXS token experiencing a pump in response.
Axie Infinity Usage On The Rise
Last week, the number of unique active wallets (UAW) on Axie Infinity plummeted to 56,000. But this week, there has been a positive change as the UAW has seen a double-digit increase.
According to data from DappRadar, the UAW of the blockchain game has jumped by 10.19% within a 24-hour period, reaching a total of 15,470. Additionally, there was a 2.52% increase in daily transactions, totaling approximately 59,000 transactions during the same time frame.
During this time, volume experienced the most significant jump, increasing by 555.94% in one day and reaching $3.89 million. This brought the total balances of all Axie’s smart contracts to $676.53 million, representing a 7.29% increase.
The weekly statistics also showed positive growth, with UAW rising by 8.75% to 33,520 and volume increasing by 295.5% to $11.02 million. The smart contract balances recorded on Monday reached $676.53 million, indicating a 16.88% increase over a 7-day period. However, transactions on a weekly basis dropped by 2.64% to 368,270 transactions.
AXS Leads Daily Gains
The rise in various metrics within the Axie Infinity ecosystem coincides with the price increase of its native token, AXS. The altcoin has experienced a remarkable recovery, becoming the top gainer in the crypto market over the last 24 hours with a 16.62% price rise between Sunday and Monday.
AXS also witnessed a significant increase in daily trading volume, reaching $260 million, which represents a 421% jump. The token’s rally started at $5 and reached a 24-hour high of $5.98 before undergoing a correction.
It is worth noting that Axie Infinity recently completed an $88.03 million token unlock on October 20, which accounted for 11.5% of the total token supply. Initially, this triggered a downtrend, but once the dilution was complete, bullish sentiment returned to Axie Infinity. The next token unlock event is scheduled for January 18, 2024.
Currently, AXS continues to demonstrate strength at $5.81, marking over a 30% increase on the weekly chart.
Hot Take: Axie Infinity Sees Renewed Growth in Usage and Token Price
After experiencing a decline during the bear market, Axie Infinity is now witnessing a resurgence in its ecosystem. The usage of the platform has seen a significant increase, with double-digit growth in unique active wallets and daily transactions. Additionally, the AXS token has experienced a remarkable recovery, becoming the top gainer in the crypto market. This positive momentum is attributed to various factors, including the completion of a token unlock event and upcoming dilution events. As a result, Axie Infinity continues to demonstrate strength and shows promising potential for further growth.
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