Axie Infinity (AXS) Price Plummets 25% in Last 7 Days

Axie Infinity (AXS) Price Plummets 25% in Last 7 Days
  • AXS market worth dropped by about $200 million in the last week. 
  • Given this week’s performance, AXS is now down 93.2% from its peak last year.

According to statistics provided by Coingecko, the AXS token of the Axie Infinity gaming ecosystem, hit a new 52-week low of $8.58 earlier today. Over the last week, AXS has lost more value than any other cryptocurrency in the top 100 by market capitalization. The loss amounts to roughly 25%.

Its market worth dropped by about $200 million in the last week. The company’s market value has dropped to $890 million (from $1.13 billion seven days ago) as of this writing.

Planned Unlock and Distribution

Coinglass reports that $5.1 million in AXS futures holdings had been liquidated during the previous week. About 37% of the closings were short positions, while the remainder were due to blown out longs.

Given this week’s performance, AXS is now down 93.2% from its peak last year and 94.8% from its November 2021 all-time high of $164.90. Coingecko reports a decrease of roughly 34.6% over the last month, showing that the harm has intensified. In only a month, the coin’s worth has halved.

As of this writing, AXS has staged a tiny rebound to a price of $8.62, making it the 61st biggest cryptocurrency by market cap. As a result of todays planned unlock and distribution, private investors’ reluctance to hold onto their AXS holdings has likely been the key factor contributing to the company’s demise.

Moreover, Token Unlocks data shows that in less than 10 hours, Axie’s private investors and advisers will get almost 21.543 million AXS tokens (7.979% of total supply), valued little over $185.7 million.

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