Axie Infinity, a blockchain-based play-to-win game, generated a measly total revenue of $988,400 last week, which is the first time the popular P2E game that allows you to earn SLP coins, amassed less than 1 million since February. 2021.
From an hourly point of view, the price of AXS is up 1.69% or about $0.35 compared to the values of an hour ago. This looks like a reversal of previous results, showing the price going up.
Today the price of AXS is down 0.87% or $0.18 since yesterday. This reverses the price movement that occurred the day before, which saw an uptrend. The 100-hour time frame proves to be the most consistent, showing a bearish or downtrend.
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Axie Infinity: is it still the most popular P2E?
Axie Infinity, the most popular P2E, has been a resounding success in 2021. Axie Infinity managed to generate more than $215 million at its peak of fame on August 8, 2021.
Additionally, Sky Mavis, the creator of the game, has also raised over $152 million in funding or a $3 billion valuation in a funding round spearheaded by Andreessen Horowitz.
However, things hit a rough patch when the game went down in November 2021 mainly due to its burnout mechanism and SLP issuance imbalance.
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There was an overload of Smooth Love Potion (SLP), Axie’s game token, being issued with no means to burn or destroy the tokens entirely. Axie suffered from inflation as their SLPs depreciated and they failed to incentivize players.
Sky Mavis recently added a recording mechanism on Axie, but it didn’t work.
AXS constantly moving down
AXS has been steadily going down since reaching its all-time high in November 2021 at a price of $166.09.
The downward trend saw AXS reach a low price of $16.20 in May. The support area is around $20, but AXS has not made it since July 2021.
Axie Infinity has been rising since May 28, marking a 52% rebound from its lows in May.
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The move lower was then preceded by a bearish forking move as seen on the weekly RSI showing an intact trend line.
The only time a trend can be coined as bullish is when the trend line is broken. If the bounce persists, the next resistance area would be around $50.
Featured image from Bitcoin News, chart from TradingView.com