Axie Infinity (AXS): Holders Have Motives to Cheer Market Drawdown

The market-wide slump has impacted each crypto in a way. Moreover, many have seen a nightmare of recovery from the drawdown. Meanwhile, GameFi token holders appear as the most thriving group compared to investors in other digital tokens.

AXS, No Fears

AXS touched its ATH at $160 in November 2021. Nevertheless, it resorted to consistent declines as the overall crypto space deteriorated. The altcoin lost nearly 90% and explored $17 during this publication after an approximately 40% uptick from June crash lows.

Such developments would likely see most investors taking a blow. But fascinatingly, not many investors are experiencing losses.

That’s because investors were already enjoying profits even before AXS opened the path to its ATH. Remember, these market players started accumulating long ago.

As a result, all investors saw profits by November. However, their profitability resorted to downsides as prices started plunging.

Also, those who purchased their tokens when AXS explored its highs are among the category that experienced losses. Their FOMO buy takes a blow as prices have returned to their 15-month lows.

Meanwhile, AXS investors are witnessing a brief improvement following a 40% revival within the month. Nevertheless, 22.29% exhibit losses, which remains far below concentration compared to the marketplace.

But even for the 22.29% market players, returns aren’t miles away from the all-time high. As the holder in loss concentration would drop to only 6%, Axie Infinity might be a lucrative investment again.

Meanwhile, the P2E games have recently seen increased player exit. Increasing hacking reports plus plummeting crypto prices had online gamers abandoning their ‘getting rich quick dreams.

For instance, an Axie Infinity gamer from Ho Chi Minh (Tuan Anh) commented about getting tired of the game as its token plummeted without recovery signals.

Remember, some individuals have lost trust in AXS since the March hack. Also, the latest Solana attack that compromised around 8K wallets increased distrust within the blockchain world.

However, the play-to-earn market will likely gain its glory after the broad market recovers from the current turmoil. Also, developers are working to heighten security to attract new investors and retain existing ones. Nevertheless, AXS remains lucrative for long-term players.

Editorial credit: photo_gonzo / shutterstock.com

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