Axie Infinity records increased demand in November, on-chain data reveals

The Rising Popularity of Axie Infinity: What You Need to Know

Written by: Journalist
Posted: November 25, 2023

Axie Infinity Sees Sharp Uptick in Demand

The play-to-earn (P2E) blockchain game Axie Infinity has experienced a surge in demand over the last 30 days, with a 30% increase in the number of active wallets interacting with the game’s decentralized application (dApp). As of now, there are a total of 73,260 unique active wallets that have completed at least one transaction.

This increase in user activity has also led to a rise in the number of transactions completed on Axie Infinity, with a total of 1.41 million transactions recorded between these unique active wallets and the dApp’s smart contracts.

The surge in activity is attributed to recent ecosystem developments, including a collaboration between Sky Mavis, the developer of Axie Infinity, and the Korean gaming company Act Games. This collaboration aimed to integrate a number of Japanese Web2 games into the Ronin blockchain, potentially attracting new users to the game.

AXS Holds Strong Amidst Demand Surge

At present, the price of the AXS token stands at $6.19, marking a 33% price hike in the last month. Despite the token’s price consolidating in a tight range, spot market participants have continued to accumulate AXS.

Key momentum indicators observed on a daily chart suggest that buying pressure exceeds token distribution. The Relative Strength Index (RSI) stands at 56.45, while its Money Flow Index (MFI) is at 63.48.

The Chaikin Money flow (CMF) for AXS also signals a steady inflow of liquidity into the alt’s spot market. While there has been an uptick in profit-taking activity, the CMF maintaining its position above the zero line in the positive zone shows that the bulls retain market dominance.

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In Conclusion

With the rising popularity of Axie Infinity and the continued accumulation of AXS, the game’s ecosystem is showing strong signs of growth and sustainability. As blockchain-based games continue to gain traction, the future looks promising for Axie Infinity and its native token AXS.

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By Team