Axie Infinity posting solid gains as crypto gaming’s interest picks momentum

Axie Infinity posting solid gains as crypto gaming’s interest picks momentum

The general downturn in the cryptocurrency market in 2022 caused a significant drop in user engagement within the play-to-earn (P2E) ecosystem, a Santiment report states. However, there has been a recent uptick in interest in crypto gaming, particularly in early 2023.

Since the beginning of the year, DappRadar reports that the most popular peer-to-peer (P2P) gaming platform, Axie Infinity, has posted a 59% surge in unique active wallets (UAWs). A similar finding by Santiment reveals that total sales rose 214%. Meanwhile, daily transactions increased by more than 100% in the first half of this year.

AXS rallies on increased on-chain activity

Accordingly, the demand for its native tokens, Smooth Love Potion [SLP] and Axie Infinity Shards [AXS], coupled with the increase in the number of daily active wallets actively engaged, SLP and AXS rallied. Specifically, AXS soared to print a new Q1 2023 high last week, a welcomed relief after 2022’s turmoil. 

AXS is currently trading at $9.38 when writing, rising 13.94% in the last 24 hours, according to CoinMarketCap. Its market cap also rose to $948,558,367, a 13.96% increase from the previous trading day. AXS has an average daily trading volume of $134,862,264, with 101,105,780 AXS in circulating supply.

AXS’s situation at this writing may need to improve, despite Axie Infinity’s recent integration of a Google Cloud validator. This validator will begin confirming transactions in the Ronin Network

Regardless of the recent performance, Axie Infinity’s on-chain status may require rejuvenation in several areas before it can build on the current progress.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.