Insights Pulse Insights

Jan 20

Axie Infinity: The highs and lows that you need to be aware of 20-01-23, 07:32

In 2022, the play-to-earn gaming ecosystem experienced a significant decrease in user engagement due to the overall decline in the cryptocurrency market.

However, the current year has seen a resurgence of interest in the gaming aspect of the crypto industry. According to DappRadar, the leading P2E gaming platform, Axie Infinity, has observed a 59% increase in unique active wallets since 1 January.

Additionally, sales volume on the platform has risen by 214%, and the daily transactions count has increased by more than 100% during the year so far.

Source: DappRadar

Due to heightened activity on the platform, new demand for its native tokens, Smooth Love Potion [SLP] and Axie Infinity Shards [AXS], and the number of daily active wallets trading these tokens rallied significantly to reach a peak by 14 January.

Since touching this peak, the prices of SLP and AXS have declined by 11% and 12%, respectively.

Source: Santiment

Nov 15

Some capitulation in AXS 15-11-22, 17:17

Our screener has highlighted an exchange inflow outlier in AXS...

Source: Sanbase

... along with a significant loss on NRPL:

Source: Sanbase

This appeared to be a trace of a single very wealthy wallet moving funds to Binance.

This wallet AXS holdings chart:

Source: Sanbase

The wallet dumped 3.6 million AXS to Binance shortly after some weird pump happened:

Why? Capitulation? Weak hands? We don't know. Just a serious move.

Take care.

Oct 26

May 24

Mar 31

Feb 25

Aug 13

Aug 3