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Axie Infinity AXS Holds Gains Well, Despite the $600M Ronin Hack

Posted Thursday, March 31, 2022 by
Skerdian Meta • 2 min read

Axie Infinity (AXS) holds above $60

Axie Infinity (AXS) was one of the biggest gainers from July until early November, increasing from $2 to $160, which means an 8,000% increase. This token kept forming support after support during its march higher, but the support levels were broken as the trend reversed down and the price fell to around $45, which was the last support.

The 50 SMA was pushing the highs lower for this game token and the trading range got pretty narrow. But, the sentiment improved in the crypto market and we saw a breakout last week. The price surged to $75 where it stalled. Now the 100 SMA might have turned into support, although AXS/USD has been holding well after the hack in the Ronin blockchain.

Axie Infinity Daily Chart – The Triangle Has Been Broken

The support at $45 held for AXS

AXS token turned bullish after its developers announced an updated reward structure for its PvP to ensure the economic stability of the most popular blockchain game. Axie has increased the number of leaderboard slots to 300k while the amount of AXS rewards has also been raised to over 117k from 3,000.

Axie has removed the ability to earn the 50 SLP per day in the 20th season of the game. which could cut down the supply of the reward token by around 130 million on a daily basis which should help increase the value of AS as SLP become more scarce.

Ronin Blockchain Hack Delays Axie Upgrade

The developing team was planning launch the Axie Infinity: Origin update. But after the Ronin Network breach, the highly anticipated update might be delayed until further notice. The announcement from the team is the new Origin Eye Cards. This will be the first time that the Eye part of an Axie will officially have its own set of cards.

But, the attack on the blockchain cost Axie around $600 million, which is a massive amount. Axie Infinity co-founder Jeff said that “We realized the Ronin network has been exploited for 173,000 Eth and around $25 million in USDC”. Ronin Network is an independent and Ethereum-compatible blockchain developed by Axie Infinity publisher Sky Mavis.