Wednesday, June 19, 2024
HomeAltcoinsWill Axie Infinity and SLP get a second shot at success?

Will Axie Infinity and SLP get a second shot at success?

Investors in Axie Infinity are perplexed after one of crypto's most popular and hyped-up NFT-based games revealed some high-level revisions to its inflationary economics.

At 15:07 IST, the AXS token was trading at $72.69, following an almost 21% increase in the previous 24 hours and a 45% increase in the previous seven days which is great news for bulls. Santiment data shows that SLP just saw a more than 30% breakthrough. Investors jumped at the opportunity to buy while it was still available, and they are undoubtedly anticipating the token to do well in the future. Others saw this as a hint that Axie Infinity was gearing up for another round of victories.

Active addresses are increasing in tandem with the price of AXS, indicating that investors are regaining trust in the asset and increasing their interactions with it. It can be confirmed by looking at the asset’s velocity. Overall, there is an increase in AXS-related activities. Furthermore, despite the token’s spectacular price rises and falls, AXS velocity has remained rather consistent. Consistency may not be a concern for short-term investors, but it does aid in the development of a long-term community.

Finally, one unique statistic to investigate here is social volume. Axie Infinity established a reputation for itself through its community, which spread its popularity far and wide. Despite the asset’s big price increase, social volume has been declining. This is not a promising indicator of long-term growth. So, will Axie Infinity be given a second chance? The outcomes are mixed. While token prices and activity are encouraging, AXS will find it incredibly difficult to return to its former hype-induced highs.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


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