Axie Infinity (AXS) Takes Major Dive This Morning
We are seeing a major market downturn this morning, with rates dropping all across the board. Very few crypto tokens have seen any gains over the last 24 hours, and most of them are in the red. Axie Infinity (AXS) is seeing one of the sharpest drops today, falling 6.50% over the last 24 hours.
What’s Going on with AXS?
That brings the Axie Infinity rate down to $12.55 (AXS/USD), which is the lowest we have seen the AXS rate in almost a month. That’s bad news for this cryptocurrency coin.
Even with the market going through a bearish stage right now, most cryptos are not down quite this much, so Axie Infinity is sticking out as a major loser today. Looking at the chart for this crypto, we can see a sharp decline that’s not happening with most of the other cryptos.
It’s not all bad news for Axie Infinity, as the game that the token belongs to is still very popular. As the token decreases in value, that can often drive people to play the game more, and they earn tokens for playing. They can then resell those tokens at a later date, assuming the tokens increase in value.
Still, the token is at a 3-month low, plummeting fast, especially after today’s drop. That could be reversed, but things are looking bad overall for the AXS price.
Will the Rate Turn Around?
At times like these when a crypto token is much lower than usual, that could be a time where investors have their interest piqued and we see a wave of buying up tokens. This may not happen with Axie Infinity because of how long the token has been down for. It did much better earlier in the year, but now no one is expecting a quick turnaround to make a return on their investments. Anyone buying AXS tokens right now to make a profit should expect to be in for the long term.
Because the token is based on a video game, interest can die out over time rather than build up. Few video games have managed to hold on to their players for a very long time, but the gaming industry is in a lull right now where established games are keeping their players and new games are having trouble finding an audience.
In that environment, Axie Infinity may be able to thrive. We just aren’t seeing that by looking solely at the rates. They don’t appear promising at this time, but a turnaround is not out of the question. The state of the economy right now simply dictates that investments could take a long time to pay out, if some of them ever do.
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