Two different coins run the Axie Infinity network: the blockchain’s native coin AXS and SLP (Smooth Love Potion). Individuals earn SLP in-game tokens after playing the game.
The common thing between the coins is they encountered price plunges over the past three months. The decline in gamer count on Axie Infinity contributed to the drop (Growth Data).
Axie Infinity tried to improve gamer enthusiasm. And that saw the platform recording daily revenue highs during last year’s crypto boom. On August 12, it declared the Origin Season 0 launch. The launch denoted the game’s migration into phase 3.
That emerged after Season Alpha, which transitioned into Phase two on June 30. Phase 3 saw the P2E gaming network incorporating new economic updates and gameplay involving its SLP and AXS tokens. The tokens remained on continued downtrends seven days later.
AXS changed hands near $18.6 on August 12 during the Origin Season 0 announcement. Meanwhile, the play-to-earn token lost approximately 21% within the last seven days, bottoming at $14.67 during this publication.
Also, AXS’s trading activity maintained similar tendencies. While writing these lines, the asset’s trading volume hovered at 194M, dropping 12% over the past seven days.
In the past week, AXS’s RSI (Relative Strength Index) and MFI (Money Flow Index) broke the neutral-50 region in downside trends, inching towards the oversold territory.
Considering the underway selling momentum during this publication, the MFY and RSI stood at 34 and 35, respectively. The extended downtrends by these indicators indicated surged AXS distribution over the last few days.
What About SLP?
Though the massive economic news from Origin Season 0 concerned the Smooth Love Potion coin, its price plunged over the last seven days.
While publishing this blog, SLP changed hands at $0.004216, losing 30% during that timeframe. Furthermore, the network’s trading activity declined by 75% (Santiment data).
The altcoin hovered around its May value areas during this publication on the daily price chart. Also, its Relative Strength Index maintained downtrends at 39, confirming buying momentum over the past few days.
Surprisingly, Axie Infinity has witnessed ecosystem tractions despite the tokens’ slide since the Phase 3 transition. DappRadar data shows network’s users increased by 57.5%.
Also, the network’s transactions increased by 37.54%. However, that didn’t attract surged sales volume, with this metric declining by 64% over the same timeframe.
Editorial credit: photo_gonzo / shutterstock.com
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