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AXS whales have increased their holdings by 3.4%, while the token price is currently at $7.8, with a gain of 1.2%.
Axie Infinity is a blockchain-based trading and battling game partially owned and operated by its users. The Pokemon series inspired it, and it is open-ended with flexible gameplay.
In 2021, it was one of the biggest gaming dApps with a massive user base. The platform is designed to provide a fun, accessible, and educational way to gain exposure to the capabilities of blockchain technology.
Recently, Axie Infinity announced a partnership with Meta to integrate their games with Meta’s Social media platform. Axie Infinity is currently seeing stagnation in its user base while other Web 3 games are taking its place.
Is Axie Infinity Looking At A Steady Rise Ahead?
Gamefi shared by Dune
The Gamefi market is expanding and could reach new highs in upcoming years. Despite the growing demand, AXS’s market share has remained the same. Its market share remains at nearly 5.77% while that of other players like GALA, YGG, and SAND is increasing.
Looking at the NFT market share, the average token gained approximately 17% in one week, while the market cap of AXS surged around 8.5%.
Source: Scopescan
In the past week, the exchanges saw a net outflow of over $5.2 Million, suggesting a growing confidence in the community. Meanwhile, “whale holders” – bolstered their AXS holdings by 3.49%, amassing 340,021.14 AXS tokens worth $2,628,363.42. Within this cohort, 18 sizable entities, constituting 2.76% of the AXS supply, increased their holdings by 3.44%.
Additionally, 34 smaller whales, collectively holding 0.97% of the AXS supply, saw a 3.63% uptick in their holdings as per data provided by scan scope. Various analysts are expecting spikes in whale holdings in the near future.
Are The Bulls Getting Tired?
Axie Infinity has a market cap of $1.09 Billion and is ranked 81st on Coin Market cap. AXS token price is trading near the value of $7.56 with a gain of 1.95%. Meanwhile, the volume of the asset price has recently seen a surge of over 20.77%.
The asset is currently forming weak bullish candles on the daily chart. It is trading below the 50 and 100 day EMAs with a negative crossover in the past. These EMAs can act as a resistance while the major resistance can be observed near $9. The support price for AXS can be seen as nearly $7.
The RSI of AXS is currently near 46, highlighting its presence in the neutral zone. The overall sentiment of RSI and MACD is neutral.
Conclusion
Axie Infinity once had a stronghold in the Gamefi market but is now losing its share. Meanwhile, various whales have increased their holdings in the AXS token. AXS price is currently in a neutral zone but could gain significant momentum soon.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
