Axie Infinity, one of the top play-to-earn (P2E) blockchain-based games, has witnessed a decline in its native token, AXS, in line with the general market. These losses have resulted in token holders recording significant losses, reaching new highs.
In particular, data by the cryptocurrency analysis platform IntoTheBlock and shared by analyst Ali Martinez on September 1 indicates that 99.54% of AXS addresses are currently in a state of loss.
AXS addresses historical in/out of the money chart. Source: IntoTheBlock
It’s worth noting that AXS was among the best-performing assets in its category during the crypto bull run. However, the current price trend suggests waning confidence among investors.
AXS seven-day price chart. Source: Finbold
Given its current status, the data suggests that Axie Infinity faces a significant challenge in returning to its all-time high. Nonetheless, as a pioneering force in the ‘play-to-earn’ movement, the project occupies a unique and enduring position that should not be easily disregarded.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
