Axie Infinity bans 18,505 Axies while AXS price fails to recover
- Axie Infinity announced earlier today that ban terms were modified, and 18,505 Axies were banned on account of abuse.
- Despite a spike in on-chain activity, gaming token Axie Infinity has failed to recover from the recent price drop.
- Analysts have noted an inverse correlation between Axie Infinity and DeFi’s blue-chip projects Sandbox and Decentraland.
Axie Infinity is taking steps to tackle multiple account abuse on its platform, modifying the ban terms. The play-to-earn gaming platform’s native token has failed to recover from a price drop over the past two weeks.
Axie Infinity price struggles to recover from drop below $150
Axie Infinity is currently tackling the challenge of multiple account abuse on its play-to-earn gaming platform. 18,505 Axies were banned from the game. Over the weekend, the platform modified its terms and fixed the error detected in their algorithm.
Rules around multiple accounts are now updated and clearly laid out on the gaming platform’s website.
Important update regarding the weekend's ban wave.
— Axie Infinity (@AxieInfinity) November 22, 2021
Full announcement: https://t.co/PNn3AG9ugh
Key Points
pic.twitter.com/I1tryWf0H6
Proponents recently noted a spike in the on-chain activity on the gaming platform. Despite a rise in activity, native token AXS price has failed to recover. AXS price has plunged 14% over the past two weeks.
Colin Wu, a Chinese Journalist, noted that AXS had crossed 1.1 million daily active addresses.
According to nansen, the daily active address of Axie Infinity's Ronin sidechain has recently reached a new high, breaking through 1.1 million daily active addresses. pic.twitter.com/bpA4Q7Xa2n
— Wu Blockchain (@WuBlockchain) November 21, 2021
AXS’s correlation with DeFi’s blue-chip projects Sandbox and Decentraland has turned negative, according to data from Nansen. Analysts consider that the negative correlation between AXS and top DeFi projects has fueled the bearish sentiment among traders.
DeFi blue-chip projects are rallying while AXS price fails to recover. Pseudonymous cryptocurrency analyst @ByzGeneral recently tweeted:
$AXS interestingly seems to have inverse correlation with other metaverse blue chips (SAND, MANA) lately.
— ₿yzantinΞ General (@ByzGeneral) November 21, 2021
This looks like a strong breakout on neg funding. pic.twitter.com/ZP7YJrHy9h
Players’ earnings on the play-to-earn gaming platform dropped below the minimum wage for players in the Philippines alongside a drop in AXS price on November 16.
@tendorian9, a pseudonymous cryptocurrency analyst, believes that there is room for vertical growth in AXS price.
$AXS is just consolidating, it will pump again to new ATH, the general gaming market still has a lot of room to pump. $111-$117 is strong support zone that I don't see breaking. Price does not need to go there but if it does then it is a great opportunity to get in. pic.twitter.com/p5eJMvkS5y
— Daily Market Movements (@tendorian9) November 21, 2021
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
