If one thing is certain, it’s that Axie Infinity (AXS) has shown us the full potential of a metaverse game. The earlys-investors of this project were able to record gigantic gains of the order of X100. But now, since its scandal linked to a problem with the Rônin bridge, it experienced its first major crash in terms of value. Since, Axie Infinity had more or less managed to stabilize between $10 and $20 the token for this end of the year 2022.
But for the past few days, the AXS token has suffered a loss of value of nearly 20% of its market capitalization which fell below one billion dollars. We will give you all the information you need to know about this case in this article!
A misunderstanding linked to an announcement from the Axie Infinity team
One of the reasons that could explain this leak ahead of AXS is a recent announcement from the team in charge of the project. They said they would unlock more Axie Infinity tokens to support their business model. According to the TokenUnlocks site, nearly 21.5 million tokens will be released on the staking platform.
This token mass represents a significant part of its volume sinceit is still equivalent to 8%. In dollars, this amount of tokens is worth almost $200 million. There is no doubt that this would risk forcing AXS towards a price below its support level. And this will, subsequently, bring a massive selling effect. If you want to read the whole thread, here’s an entry point to Sky Mavis’ tweets:
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To reinforce our long term commitment to the Axie Infinity ecosystem, Sky Mavis, Ltd. will be staking 11,475,000 AXS which currently sits on its balance sheet.
AXS tokens that will have no direct impact on the economy
It seems that this announcement has raised the spirits for not much. Because theThe tokens will actually have no impact on the game economy, as co-founder and COO of AXS and Sky Mavis announced. According to him, the tokens released are not the same as those currently in circulation.
This loss effect was initiated largely by whales who sold their AXS en masse. Because when we look at the number of addresses holding tokens, it has increased. Between July 2022 and this month of October, the number of AXS holders went from 56,170 addresses to 60,710! For the time being, the data are intended to be reassuring and bear witness to a short-term and unjustified panic effect. These whales will all the same have had a very clear impact on the course of AXS which collapsed in less than a week.
Price of the AXS token over the last 7 days, in euros – Source: CoinMarketCap
Unfortunately, apart from the number of addresses holding AXS tokens growing, there is no indication that it could pump anytime soon. Even before this story, AXS continues a long descent to ever lower prices. Movements in the market do not indicate a rise in the price of the token, especially in the middle of a bear market. It will probably be necessary to wait for a more favorable situation to hope to see Axie Infinity at its prime. For the moment, the metaverse game sits in 58ᵉ place on the crypto market. Hope remains, however, as the current crypto market is giving us bullish signals. It is possible that the bear market will come to an end within the next few days or months.
Cryptocurrencies are very volatile. No consumer protection.
Promising alternatives exist: Calvaria and Battle Infinity!
The “weak” performance of Axie Infinity may also be due to the fact that many very ambitious projects have emerged. It is possible that investors have moved on and are now moving towards new projects. And to support this idea, here are two very promising NFT games for the year 2023 and which are already talking about them.
Battle Infinity: worthy successor to Axie Infinity?
Battle Infinity wants to replicate the excitement and hype of its predecessor Axie Infinity. It does, however, come with a slightly different concept. Where AXS is sold as a “Pokémon like”, Axie Infinity is intended as a “fantasy sport” game. The Battle Infinity team aims to develop a metaverse universe in which players can play various sports matches with their favorite players in the form of NFT cards.
If you want to invest, you can buy the IBAT token on many CEX. Currently, its token is trading for a price around $0.0030, which is twice as expensive as its pre-sale price. His metaverse game should be released by the end of 2023 with a potential gain of up to X100!
Calvaria: Duels of Eternity: a new NFT challenger
Calvaria: Duels of Eternity is still a recent project and the pre-sale has just started. This is an NFT game that uses the gameplay of Hearthstone, but with its own universe. What sets Calvaria apart from other projects of its kind is how it will attract its new players. The game has a free-to-play version and a Play to Earn version. The team in charge wants to attract as many players as possible from the traditional video game world. On top of that, Calvaria is planned for both mobile and PC! In other words, the market it targets is phenomenal.
If you want to invest in Calvaria, go to their official website to participate in the presale. Soon, 100,000 dollars will be collected in a first phase which will reach its end once 300,000 dollars of tokens have been sold. Take this opportunity to buy $RIA tokens at a top prize of 1 USDT = 100 $RIA!
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