- 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
Bitcoin, Ethereum and XRP defend key support on sixth day of Israel-Iran war, what to expect
Bitcoin (BTC), Ethereum (ETH), and XRP are holding steady above key support levels. The top three cryptocurrencies have weathered the geopolitical tension and macroeconomic events of the past week.
Top Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe set to extend losses
Top meme coins extend recent losses on Wednesday, with the segment’s market capitalization standing at $54.41 billion, a decline of over 20% in the past month. Dogecoin (DOGE) and Shiba Inu (SHIB) are down 3% so far this week.
Crypto Today: Bitcoin, Ethereum, XRP weather geopolitical tensions, risk-off sentiment ahead of Fed rate decision
The cryptocurrency market is broadly consolidating amid ongoing geopolitical tensions in the Middle East. Bitcoin (BTC) mirrors the lethargic sentiment, trading at around $104,572 at the time of writing on Wednesday.
Stellar and ApeCoin Price Prediction: XLM and APE at risk of further losses as technical weakness grows
Stellar price closes below its critical support at $0.2537, hinting at a correction ahead. ApeCoin touches the lower boundary of an ascending triangle formation, a breakdown would signal a downtrend.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.