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AXS of Axie Infinity Gets Massive Attraction from Biggest ETH Whales with Its Price down 90% Since ATH

Fri, 07/22/2022 - 10:14
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Gamza Khanzadaev
Top 100 ETH whales actively purchase AXS in hopes of big profits
AXS of Axie Infinity Gets Massive Attraction from Biggest ETH Whales with Its Price down 90% Since ATH
Cover image via stock.adobe.com

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Popular crypto game Axie Infinity AXS token gained good traction in the circles of major Ethereum whales and managed to get into the top 10 most bought assets in 24 hours according to the WhaleStats portal. The average purchase amounted to 167 tokens, or $2,646.

It is unlikely that large holders of ETH decided to play Axie Infinity at one time, which means that the purpose of these purchases is to obtain a good potential profit. This idea correlates particularly well with the fact that AXS has lost more than 90% in price from its historic highs of $160. In the crypto market, price corrections of 75% to 90% are considered good times to gain a position. Apparently the time for AXS has come.

Source: TradingView

As can be seen from the chart, AXS quotes, following the entire crypto market, performed the famous movement of early June and found themselves in a narrow price corridor with its lower boundary at $12.35 per token.

In-game malfunctions undermine credibility of Axie Infinity

That is not to say that Axie Infinity itself is doing well. Recently, the game was heavily criticized when it was revealed that many players were abusing the in-game mechanics by using multiple phones and accounts at once. As a result of these shenanigans, there was another token SLP game offering.

At the same time, many point out that Axie Infinity still has a chance for the future, especially in the e-sports realm, with the timing of the opponent search still suggesting a large number of players.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.