Axie Infinity (AXS) is a GameFi token with a virtual world and game featuring Axies from the NFT collection. AXS has dropped nearly 45% in value over the past two months as the AXS price has been in a downward trend since April, from $11.10 on April 1 to $6.20 on June 28, at the time of writing. .
NFT’s Axies collection has generated more monthly on-chain revenue than most other NFTs, according to data from DeFiLlama.
AXS Suffers 45% Correction Since April, Axies Remains Popular
Data from the DeFiLlama information tracker shows that Axies’ monthly active users increased by 690%, from 26,500 to 209,600 between April and June 2024. This top NFT collection is generating higher monthly on-chain revenue than other NFTs, as seen in the chart below.
Axie Infinity co-founder shared statistics from Coinbase’s learn to earn campaign in mid-June. Jihoz revealed key details of the campaign, showing the surge in demand for NFTs and their relevance to traders:
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- 236,000 participants interacted with Axies
- 202,000 Axies purchased
- Axie Treasury recorded a 99% increase in weekly fees, from $50,685 to $100,843, in the first ten days of the campaign.
In the 10 days since the start of the Coinbase learn to earn campaign:
• 236k total participants
• 202k axes purchased vs 48k in the 10 day window prior to the campaign
• Origins and Classic DAU up 10%
• 570 Eth in marketplace traded in the last 10 days an increase of 165%… pic.twitter.com/htkIBVNfxi— Jihoz.ron 🍚 (@Jihoz_Axie) June 14, 2024
The AXS/USDT daily chart shows that the GameFi token price dropped 45% during the same period that the Axies collectibles saw an increase in revenue and monthly active users. It is possible that the token price has not kept up with the popularity of the NFT collectibles.
Axie Infinity’s AXS could rise another 6% and reach the Fair Value Gap at $6,661, as seen in the chart below. GameFi token could make steady progress to recover from the 45% correction.
The MACD momentum indicator supports the bullish thesis, with the MACD line crossing above the signal line and the histogram turning green, suggesting that AXS’s price trend is likely to continue to the upside, as seen in the chart below. This.
If AXS fails to extend its upward momentum, it could find support in the fair value gap between $5,996 and $6,036.
Vuong Tien
According to Fxstreet
