Axie Infinity’s native token skyrockets while users drop to 26-month lows

The play-to-earn (P2E) game based on non-fungible tokens (NFTs), Axie Infinity, has seen a massive drop in average monthly players since Jan. 2022. In addition, the NFT-based game’s native tokens — Axie Infinity (AXS) and Smooth Love Potion (SLP) — have also dropped significantly from their all-time highs (ATH).

According to data provided by Active Player, Axie Infinity now has around 95,000 live players. It also had 432,000 average monthly users in the past 30 days. The number of game players has dropped to a 26-month low seen in November 2020. 

Moreover, the number of Axie Infinity users has been seeing consecutive drops since Jan. 2022, when the figure reached an ATH of 2.78 million per Active Player.

The on-chain data and intelligence platform Santiment noticed a 59% increase in the number of wallets holding AXS since Jan. 1, 2023. Santiment adds that the number of sales on Axie Infinity has also increased by 214%, with a 100% rise in daily transactions.

The bear market has also caused a 92% drop in the AXS price from its peak of $165.37 in Nov. 2021, while SLP plunged 99.3% from its ATH of $0.419 in May 2021, according to CoinMarketCap data.

SLP is currently trading at $0.0033, up by 21% per CMC in the past 24 hours. The token’s 24-hour trading volume has also hiked by 220%, reaching the $67.3 million mark.

AXS has seen a similar move. The digital asset is trading at $13.2, up by 42% in the past 24 hours. AXS’s 24-hour trading volume has skyrocketed by 965%, surpassing the $1.3 billion mark.