The crypto bear market was quite harsh on the Axie Infinity token, with the price going down to new levels. However, with the price of the broader crypto market going up, this metaverse token joins others to make massive increases. This is how it is faring in the crypto market as the month comes to an end.
Axie Infinity Increases to New Levels
- Axie Infinity is a crypto project that allows players to collect, breed, raise, battle, and trade token-based creatures called Axies. So, this crypto project is a blockchain-based trading and battling game with players partially owning it. According to the developers of this game, popular games like Pokémon and Tamagotchi were the inspiration behind the development.
- One of the peak years of the NFT and metaverse sector of the crypto market was in 2021. However, since the bear market of 2022, a lot of things was going wrong. Axie Infinity was among the crypto projects receiving massive effects from the bear market. So, things are currently getting better for this token. This is mainly because of the massive bullish rally of October.
- According to data, there was a monthly increase of more than 25% from this token. So, at the time of writing, the monthly increase of this token is up by more than 24%.
Axie Infinity Top Holders Remain in Losses and Bearish About the Token
- Despite the positive outlook of October for the Axie Infinity token, a lot of things are going wrong internally. So, Axie Infinity top holders still don’t have confidence in this token. This is mainly because a lot of them are still suffering the losses of the bear market. So, according to data from IntotheBlock, as many as 92% of Axie Infinity holders are suffering losses. Only a meager 7% are in profit while holding this token. On the other hand, another 1% are neither in losses nor profits. So, things even get worse looking at the bearish sentiments of this token.
- According to more data from IntotheBlock, the bearish sentiment of this token is very high. So, the data shows that traders are still sharing bearish sentiments of this token. Meaning they are willing to sell out due to fears of the token decreasing in price. Breaking the bearish signals down. So, a lot of things within the Axie Infinity ecosystem are suffering from losses. The net network growth of this cryptocurrency is also suffering from massive bearish sentiments. Moreover, there’s also a reduction in the number of large transactions. So, there’s up to an 11% reduction in the number of large transactions of this token.
Conclusion
In October, the crypto market was looking very good for the Axie Infinity token, with the price increasing to new levels. However, not everything is looking good for this token, as there are still some existing effects from the bear market. So, one of them is that there are still a large number of holders suffering from losses from this token. Also, certain on-chain metrics of this crypto is down.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
