Axie Infinity’s August NFT performance ushers in this fatality

Earlier than there was a lot buzz about NFTs, Axie Infinity [AXS] was the market king. In consequence, AXS generated billions of {dollars} in gross sales quantity.

Nonetheless, the decline of AXS digital collectibles has been disappointing. In August, AXS NFT quantity barely went above $5 million. In response to CryptoSlam, this was a greater efficiency than its information within the previous month of July.

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The drop in quantity was the fourth time recorded gross sales had been under double digits. The final time there was an eight-figure depend was in April, when gross sales hit $19 million. Could got here, and it was $7 million, whereas June gross sales had been roughly $3.20 million.

Supply: CryptoSlam

Primarily based on the info obtainable at press time, there have been solely 339,921 transactions at a median value of $13.41. The consumers who participated in these transactions additionally capped at 44,558. Sadly, this was the primary time AXS recorded such low involvement in over fifteen months.

The losses didn’t cease at that. A have a look at the August 2021 quantity showed that AXS reached $848.13 million in gross sales, which concerned 1.85 million transactions at a median value of 0.0078 ETH ($457.42).

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So AXS misplaced over $800 million in 12 months-on-12 months (YoY) gross sales. Possibly the bearish state of the crypto and NFT market had an influence, however the fall-off has confirmed to be huge in comparison with different main NFT protocols.

Supply: CryptoSlam

The place has this left AXS?

Like its digital assortment, the AXS cryptocurrency additionally didn’t excite its traders and the crypto group. For August, AXS didn’t stand up to $20 per token.

In response to CoinMarketCap, AXS was buying and selling at $13.86. Moreover, its 24-hour buying and selling quantity was down $104.06 million, which accounted for a 21.61% drop.

For AXS HODLers, the highway to restoration is perhaps longer than projected. It’s because the indications from the Exponential Shifting Common (EMA) confirmed that there was extremely excessive promoting stress.

In response to the charts, the 20 EMA (blue) was properly under the 50 EMA (blue). With this, hopes for a bullish motion within the quick time period may very well be over.

It’s a related state of affairs within the mid to long run because the 200 EMA (cyan) additionally maintained its constructive above the 20 EMA and 50 EMA.