Axie Infinity price risks further fall as active users drop 70% from peak
- According to data from Nansen, the daily transaction volume of Axie Infinity has dropped back to mid-July levels.
- Axie Infinity price plunged to $102, posting a 5% loss as the sale volume of Axie NFTs and daily active addresses dropped.
- Axie Infinity users in the US can now buy Smooth Love Potion on the Ronin wallet using their debit card.
- Analysts have predicted a big test for Axie Infinity price trend at $104.27; the token could plunge further if it fails.
Axie Infinity, the play-to-earn gaming token, has suffered a drop in price after the daily active number of users of the game plunged. Analysts have predicted a test for Axie Infinity price.
Axie Infinity price fails to recover from drop
Data from the blockchain analytics platform Nansen reveals that the daily transaction volume of Axie Infinity has dropped to mid-July 2021 levels. Colin Wu, a Chinese journalist, noted that the daily transaction volume of the play-to-earn game has tumbled.
Sales volume of Axie Infinity NFTs on the application Ronin chain has fallen back to low levels, and daily active addresses are lower than 300,000. This is a drop of more than 70% from Axie Infinity's peak in user activity.
Axie Infinity utility and demand could increase with the purchase of in-game tokens and NFTs by US based users through the Ronin wallet. The wallet recently added the feature of purchase through debit card.
The play-to-earn metaverse tokens price has plunged 5% in the past 24 hours. The drop in user activity and reducing NFT sales could have negatively impacted Axie Infinity's price.
@BigCheds, a pseudonymous cryptocurrency analyst, has evaluated the Axie Infinity price trend. The analyst predicted that the play-to-earn token would go through a test. $104.27 is a key level for Axie Infinity price.
$AXS (USDT) big test here pic.twitter.com/N6oVoa70YA
— Cheds (@BigCheds) December 23, 2021
FXStreet analysts are bullish on Axie Infinity price and predicted a reversal with plenty of upside potential.
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.
