Axie Infinity: The highs and lows that you need to be aware of

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.

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.