- According to on-chain data, the demand for Axie Infinity in November has increased due to a notable increase in network activity.
- AXS accumulation has continued to outpace distribution.
Axie Infinity, the leading play-to-earn (P2E) blockchain game, has seen a sharp increase in demand in the last 30 days, according to data from DappRadar.
According to the on-chain data provider, the number of active wallets interacting with the Axie Infinity decentralized application (dApp) has increased 30% in the last month.
At press time, the count of unique active wallets that have completed at least one transaction totaled 73,260.
As its user count increased, the number of transactions completed on Axie Infinity grew as well.
Data from the same source showed that the total number of transactions completed between these unique active wallets and the dApp’s smart contracts amounted to 1.41 million, jumping by 19% in the last 30 days.
The increase in activity on Axie Infinity in the last 30 days is attributed to the series of ecosystem developments that have occurred during that period.
Read Also: Axie Infinity Unveils NFT Monetization Solution, Official Merchandise
Among these, the most notable is the collaboration between Sky Mavis, the developer of Axie Infinity, and the Korean gaming company Act Games, which aimed to integrate a number of Japanese Web2 games into the Ronin blockchain.
This might have brought about an influx of new users who seek to test out Axie Infinity. Hence the surge in the game’s network activity.
AXS Holds Its Own
At press time, AXS traded at $6.65, having recorded about 35% price hike in the last month, per data from Coinstats.
Although the alt’s price has consolidated in a tight range for most of November, spot market participants have continued to accumulate AXS.
Bitcoinworld found that the token’s key momentum indicators observed on a daily chart remained above their center lines. This suggested that buying pressure exceeds token distribution.
At press time, AXS’ Relative Strength Index (RSI) was 56.45, while its Money Flow Index (MFI) was 63.48.
Also, returning a positive value of 0.04 and positioned in an uptrend as of this writing, AXS’ Chaikin Money flow (CMF) signaled a steady inflow of liquidity into the alt’s spot market.
Although, due to the uptick in profit-taking activity so far this month, AXS’ CMF has witnessed some decline. However, CMF maintaining its position above the zero line in the positive zone showed that the bulls retained market dominance.
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