Leading the Metaverse: Unveiling the Dominance of Axie Infinity (AXS)

Leading the Metaverse: Unveiling the Dominance of Axie Infinity (AXS)

Languishing below $5, Axie Infinity (AXS) price is now down 97% from its $166 peak achieved during the 2021 Metaverse network rally.

Axie Infinity (AXS), the top-ranked Metaverse network project, has experienced a whole lot of decline in its market capitalization. During the 2021 Metaverse network rally, the project’s market cap reached $9.6 billion, but as of September 8, 2023, it has dropped by over 93% to $630 million.

An on-chain analysis is being conducted to assess the  capacity for a recovery in AXS price. Regardless of the dip below $4.95 in August, on-chain data indicates a positive reaction within the Axie Infinity network. AXS Daily Active Addresses have been steadily increasing since August 21.

Prior to August 20, only 176 wallet addresses interacted on the AXS network. Nonetheless, ever since, network activity has gradually risen, with over 200 addresses engaging in transactions on most trading days since August 31.

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This rise in Active Addresses implies that retail investors have entered the market to prevent further losses. The increased network activity has likewise helped AXS defend the $4.50 level of support, preventing a panic sell-off at the end of August.

Bullish Traders Have Not Given Up on Recovery Hopes

Strategic traders have placed whole lot of sell walls to protect against Axie Infinity’s probable collapse. Active orders to purchase 1.25 Million AXS tokens have been placed, while bearish traders have only listed 1.14 Million AXS for sale.

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Regardless of the bearish sentiment surrounding the metaverse network, 283 addresses have purchased 343,580 AXS at the minimum price of $4.37. If these holders choose to HODL (hold on for dear life), Axie Infinity’s price could potentially rebound. Nonetheless, if the level of support is breached, AXS price may continue to decrease towards zero.

Hot Take:

Despite the fact that Axie Infinity’s price has experienced a whole lot of decline, there are positive indicators within the network that suggest a probable recovery. The increase in Active Addresses and the presence of positive trend traders placing buy orders demonstrate some optimism for the project’s future. Nonetheless, the risk of further decline remains if the level of support is broken. As the metaverse network market continues  to evolve, it will be interesting to see how Axie Infinity responds and whether it can regain its previous market position.

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Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

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