- Monthly active addresses of the Axie NFT collection have increased 690% since April.
- The NFT project has generated more monthly revenue on the chain than most other blue-chip collections over the past 30 days.
- AXS has wiped out 45% of its value since April, even as Axie NFTs are relevant among investors.
Axie Infinity (AXS) is a gaming finance token (GamsFi) with a virtual world and game featuring Axies from the NFT collection. AXS has wiped off nearly 45% of its value over the past two months as AXS price has been declining since April, falling from $11.10 on April 1 to $6.22 on June 27, as of this writing .
According to data from DeFiLlama, the Axies NFT collection has generated more monthly on-chain revenue than most other NFTs.
AXS undergoes 45% correction since April, Axies popularity persists
Data from DeFi intelligence tracker DeFiLlama shows that Axies’ monthly active users increased 690% from 26,500 to 209,600 between April and June 2024. The blue-chip NFT collection is generating more on-chain monthly revenue than others, as seen in the chart below.
30-Day On-Chain Revenue from NFT Collection
The co-founder of Axie Infinity shared statistics from the mid-June Coinbase learn-to-earn campaign. @Jihoz_Axie has released key campaign details that demonstrate the growing demand for NFTs and relevance among traders:
- 236,000 total participants engaged with Axies
- 202,000 Aces were purchased
- Axie Treasury noted a 99% increase in weekly commissions paid, from $50,685 to $100,843, during the first ten days of the campaign.
In the 10 days since the Coinbase Learn to Earn campaign began:
• 236 thousand total participants
• 202,000 axes purchased versus 48,000 in the 10 days preceding the campaign
• Origins and Classic DAU up 10%
• 570 Eth traded on the market in the last 10 days with an increase of 165%… pic.twitter.com/htkIBVNfxi— Jihoz.ron (@Jihoz_Axie) June 14, 2024
The AXS/USDT daily chart shows a 45% drop in the price of the GameFi token in the same time frame as the Axies collection saw a surge in revenue and monthly active users. It is likely that the price of the token has failed to keep up with the popularity of the NFT collection.
Axie Infinity’s AXS could extend gains by 6% and reach the Fair Value Gap at $6,661, as shown in the chart below. The GameFi token may be making steady progress towards recovery from the 45% correction.
The Moving Average Convergence Divergence (MACD) momentum indicator supports the bullish thesis. Green histogram bars have appeared above the neutral line on the AXS/USDT daily chart as shown below, signaling positive momentum underlying the AXS price trend.
AXS/USDT Daily Chart
If AXS fails to extend gains, it could find support at the Fair Value Gap between $5,996 and $6,036.
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