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Is Axie Infinity on a recovery path?

According to statistics from DappRadar, the top play-to-earn (P2E) blockchain game Axie Infinity [AXS] has had a substantial rise in the number of active wallets and the volume of transactions over the past month.

The number of active wallets engaging with the decentralized application (dApp) climbed by 60% in the previous month, reaching 88,210, according to the on-chain data source. In the same time frame, the total number of transactions executed between these particular active wallets and the dApp’s smart contracts increased to 1.13 million, a rise of 72.39%.

The sequence of ecosystem upgrades that were implemented over the past 30 days, the most prominent of which being the relaunch of its Streamer Rewards Program, is what is responsible for the rise in activity on Axie Infinity.

After its initial test pilot in February, during which 200 or more Axie producers logged a total of 1,500+ stream hours, Axie Infinity revived this initiative. Axie Infinity upped the entire prize pool from 300 AXS to 600 AXS in order to gain traction. 

There are still indicators of illness

A deeper study at the protocol showed a reduction in transaction volume over the course of the past month despite an increase in the number of active wallets and transactions. Despite an almost 75% rise in the number of transactions performed on Axie Infinity, the fiat value of these transactions decreased by 8.05%, according to statistics from DappRadar. Because of this, the total fiat value of the assets under the dApp’s smart contracts decreased by 17.37% over the time period under consideration. 

The number of monthly new accounts on Axie Infinity has steadily decreased as a result of the major dip in interest in P2E games. Dune Analytics claims that between January and July, the monthly creation of new accounts on Axie Infinity fell by 9%. 

AXS, the protocol’s governance token, has lost 24% of its value in the past month while languishing under bears’ control.  According to information from CoinMarketCap, the alternative currency was trading at $4.91 at the time of publication.

AXS continued to be oversold among day traders, according to an analysis of price changes on a daily chart. Key momentum indicators were below their respective center lines at the time of publication.

Its Money Flow Index (MFI) was 20.34 and its Relative Strength Index (RSI) was 25.83. Sell-offs among AXS investors outpaced accumulation at these prices. 

AXS bears were in charge of the market at the time of publication, with the negative directional index (red) sitting above the positive directional index (green).


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