- 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.
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.
Recommended Content
Editors’ Picks
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.