Axie Infinity price could rally with Binance’s recovery of $5.8 million stolen funds
- Axie Infinity price is on track to recover from its slump as Binance recovers stolen AXS funds across 86 accounts.
- Binance announces the recovery of $5.8 million in funds stolen in the $625 million exploit by the Lazarus Hackers group.
- Analysts believe Axie Infinity price could recover from the swing low, breaking out of its downward spiral.
Despite the recent pullback in Axie Infinity price, there is a rise in the number of holders of the gaming token. Analysts have revealed a bullish outlook on Axie Infinity, predicting recovery from the downtrend.
Axie Infinity could make a comeback as stolen funds are recovered
The Lazarus Group stole nearly $625 million in an attack on the Ronin Bridge. Several platforms have attempted to recover the stolen funds and reinstate them. The world’s largest crypto exchange Binance announced the successful recovery of $5.8 million spread across 86 accounts on its platform.
Chang Peng Zhao (CZ), the founder and CEO of Binance, revealed the news of fund recovery in a recent tweet.
The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too. Stay #SAFU.
— CZ Binance (@cz_binance) April 22, 2022
Proponents believe a recovery of funds stolen from Axie Infinity’s bridge could fuel a positive sentiment among investors. Axie Infinity price could begin its recovery from the slump and wipe out losses of the past few weeks.
The recent correction in Axie Infinity price did not deter holders from accumulating AXS. Crypto data platform Token Terminal observed a spike in the number of Axie Infinity holders despite the recent price drop.
Daily fully diluted market cap vs. token holders over the past year
Analysts have evaluated the Axie Infinity price trend and predicted recovery from the swing low. @CryptoTony_, a crypto analyst and trader, observed a drop in Axie Infinity price and considers it a healthy correction. The analyst argues that the swing low is an opportunity for traders as long as Axie Infinity price recovers.
$AXS / $USD - Update
— Crypto Tony (@CryptoTony__) April 17, 2022
Currently on the swing low and so i am looking for an impulse up for us to look for a play. Swing lows provide the best RR opportunity, as long as we hold that level of course ❤️ pic.twitter.com/0zPi0Q5Fjw
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.
