- Axie Infinity has seen a decline in growth metrics over the past week.
- AXS sees increased token distribution.
Axie Infinity (AXS), the well-known play-to-win gaming platform, experienced a dip in key growth indicators last week, according to the latest findings from DappRadarGenericName.
According to the data provider, while the count of unique active wallets on Axie Infinity has grown by just 0.43% over the past seven days, the total number of transactions completed through these addresses has dropped by 8%.
During that period, transactions completed on Axie Infinity totaled 299,720.
With a significant decline in user activity in play-to-win games over the past year, Axie Infinity has taken a huge hit to its user base in 2022.
Despite significant growth in the broader cryptocurrency market since the start of the year, Axie Infinity has failed to keep up with the trend, with a decrease in the number of new players joining its platform.
Realistic or not, here is the market cap of AXS in terms of BTC
With 2,807 new accounts created on Axie Infinity in February, monthly new accounts on the gaming platform are down 49% since December 2022.
Source: Dune Analytics
As for the count of daily completed transactions on Axie Infinity, there has been a steady drop since the January 22 high of 2,481 transactions.
Source: Dune Analytics
Additionally, due to the drop in in-game transaction counts over the past week, the fiat value of those transactions has plummeted as well.
According to data from DappRadar, the fiat value of transactions completed on Axie Infinity over the past seven days totaled $8.55 million, down 38.35%.
Not without a silver lining
An assessment of Axie Infinity’s performance over a 30-day window period revealed a jump in gaming platform revenue.
According to data from token terminalprofit recorded by play-to-win last month totaled $391,900, representing a jump of 69%.
Its revenue jump was, however, smaller compared to that of Decentral Games, another blockchain-based gaming platform that saw a 3,900% jump in revenue during the same window period.
Source: Token Terminal45
However, the 69% increase in revenue for Axie Infinity remains noteworthy considering the fact that there has been a persistent drop in active player counts over the last 30 days.
Source: Active Player
Liquidity exodus equals another price drop
An assessment of AXS price movements on a daily timescale showed a drop in the token accumulation trend over the past week. During this period, the value of AXS fell 9%, according to data from CoinMarketCap.
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Furthermore, key momentum indicators have broken out of their respective neutral zones and headed into overbought regions at press time.
The AXS Relative Strength Index (RSI) was 45.12, while its Cash Flow Index (MFI) was 44.26.
The steady decline of these indicators indicated a liquidity shortfall in the AXS market, as many traders were interested in selling and taking profits.
Source: AXS/USDT on TradingView