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Axie Infinity Plunged to 16-Month Lows, Active Players Drained Massively

Fri, 10/21/2022 - 21:48
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Wahid Pessarlay
AXS price dropped to a 16-month low level with the number of average monthly active players at 22-month lows
Axie Infinity Plunged to 16-Month Lows, Active Players Drained Massively
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AXS, the main utility token of the popular play-to-earn (P2E) online game Axie Infinity, has been seeing a downward spiral for a while now. The price of the token has just dropped to a 16-month low level of $9.08 at the time of writing, per CoinMarketCap (CMC) data.

According to CMC, the last time that AXS touched the $9 mark was on July 7, 2021. Furthermore, the 58th largest crypto asset — with a market cap of roughly $880 million — has also lost many active players on its non-fungible token (NFT)-based online video game.

According to live data provided by ActivePlayer, the number of Axie Infinity average monthly players has, similarly, dropped to 22-month lows. The online video game — developed by the Vietnamese firm Sky Mavis — had around 701,000 average active players in the past 30 days.

Why this immense drop?

Per ActivePlayer data, the number of active players started dropping since the $625 million Ronin Bridge hack — an Ethereum sidechain for Axie Infinity — in March this year. 

Moreover, according to a U.Today report, the Ronin Bridge hack was tagged as the largest decentralized finance (DeFi) exploit in history — beating the $611 million Poly Network theft from last year.

The Ronin Bridge exploit was linked to Lazarus Group, a North Korean group of cyber criminals, per a U.Today report.

While the downward movement for AXS continues, Axie Infinity plans to release more than 100 million AXS tokens — “owned by insiders and early investors” — on Oct. 24, according to Altcoin Daily.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.