• Axie Infinity becomes the top dApp based on cumulative protocol revenue generated over the past month.
  • Due to its popularity and usage, this blockchain game has topped gas consumed charts.
  • AXS price consolidates around its all-time high as red signals emerge, hinting at a pullback.

Axie Infinity has blown the competition out of the stadium as it becomes the top-grossing dApp in terms of cumulative protocol revenue generated over the past month. Its ascent has left extremely popular dApps in the dust, painting a picture of its recent traction.

Adoption soars amid market slump

Axie Infinity, a protocol that draws inspiration from CryptoKitties, is a blockchain-based trading and breeding game that is built on the Ethereum blockchain. It adopts a wildly popular free-to-play model, which is one of the reasons for its massive adoption.

The protocol has climbed past PancakeSwap, MetaMask and MakerDAO to attain the top spot for the highest-grossing dApp in terms of cumulative revenue. To compare, the revenue generated by Axie Infinity is roughly four times that of PancakeSwap and more than seven times MetaMask.

Cumulative revenue of dApp chart

Cumulative revenue of dApp chart

Interestingly, it has also climbed the charts to become the top gas-consuming protocol over the past three hours, surpassing Uniswap v2, Shiba Inu and Uniswap v3.

Over the past 24 hours, Axie Infinity protocol collected roughly 150 ETH or $305,621 from fees. This massive number suggests that the users are actively playing the game.

Gas consumption chart

Gas consumption chart

AXS price ponders correction

AXS price is currently trading at $18.50, just below the all-time high at $19.69. Over the past three weeks, Axie Infinity price has rallied 539%, an exponential ascent. Typically, massive outbursts like these are followed by a steep correction.

Adding credence to this theory is the Momentum Reversal Indicator (MRI), which has flashed a sell signal in the form of a red ‘two’ candlestick. This setup indicates that a one-to-four candlestick correction is likely.

If this were to happen, AXS price could drop 26% to an immediate support level at $13.58. If investors continue to book profits, AXS price could crash another 21% to tag $10.73.

In a highly bearish scenario, Axie Infinity price might visit $8.79, a 52% correction from its current position.

Therefore, market participants need to exercise caution.

AXS/USD 1-day chart

AXS/USD 1-day chart

While the logical outcome is a correction, market sentiment, hype and FOMO sometimes tend to supersede it. If this were to happen, Axie Infinity price will likely continue its ascent and retest its all-time high at $19.69.

A decisive daily candlestick close above this level will invalidate the bullish outlook and might propel AXS to set up new all-time highs.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP