Axie Infinity, a blockchain-based play-to-earn game, generated just $988,400 in total revenue last week, marking the first time the popular P2E game allows you to earn SLP coins, 1 million since February Earnings less than 2021.
From an hourly perspective, AXS price is down 1.69% or around $0.35 compared to prices an hour ago. This looks like a reversal from the previous results, which shows an uptrend in prices.
Today, AXS is down 0.87% or $0.18 from yesterday. This reverses the price movement that took place on the previous day, which registered an uptrend. The 100-hours time frame proves to be the most consistent, showing a bearish or downward trend.
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Axi Infinity – Still the Most Popular P2E?
The most popular P2E, Axie Infinity has seen a resounding success in 2021. Axie Infinity managed to generate over $215 million at its peak fame on August 8, 2021.
Additionally, the game’s creator, Sky Mavis, has also raised more than $152 million in funding or a valuation of $3 billion in a funding round. Andreessen Horowitz.
However, things took a turn for the game in November 2021, mainly due to its burn mechanism and an imbalance in the issuance of SLPs.
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There was an overload of Axi’s in-game token, the Smooth Love Potion (SLP), which was issued with no means of burning or destroying the tokens completely. Axi faced inflation as its SLP value declined and failed to incentivize the players.
Sky Mavis recently added a burn mechanism to Axi, but it didn’t work.
AXS continues to go down
AXS has been on a steady downtrend since reaching its all-time high in November 2021 with a price of $166.09.
The declining trend resulted in AXS hitting a May low of $16.20. The support area is near $20, but AXS hasn’t achieved it since July 2021.
Axi Infinity has been rising since May 28, a 52% rebound from the May lows.
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As seen in the weekly RSI, the downward movement was accompanied by a bearish forking movement, showing an intact trendline.
A trend can be coined as bullish only when the trendline is broken. If the upside continues, the next resistance area will be around $50.
Featured image from Bitcoin News, chart from TradingView.com