- Axie Infinity’s network growth has continually decreased, with almost no indications of revival
- According to the on-chain data, there was a low level of interest in the token throughout the ecosystem.
Axie Infinity’s [AXS] As network growth fell dramatically, it was alarming. According to Santiment, AXS’s network growth It was 113 at the time I wrote this, which is a huge difference from 596 were present on 13/11. Transactions were rare and only a few addresses participated, which meant that the chain was under extreme downward pressure.
Source: Santiment
Read Axie Infinity [AXS]’s Price Prediction 2023-2024
On the bright side…
Santiment discovered that active addresses also suffered from the decline. At the time of writing, active addresses, which peaked on 13 Nov, had dropped to 248.
This implied that the AXS chain’s unique deposits had dropped. Investors didn’t look forward to the decline in interest in the gaming NFT network.
The one-day circulation was also 60,100. Santiment data shows that the circulation rose to 7.51million on 22 Nov. This decrease This meant that AXS tokens traded between the previous day and the time of writing were rarely used. Therefore, AXS may not recover better health in the short-term.
Further analysis revealed that the NVT (Network-to-Value) for circulation rose to 2098. This implied that the AXS network valuation was expensive in relation to the AXS’ value, trading at $6.82. AXS was therefore overvalued, even though it was 95.95% below its high.
Source: Santiment
Axie Infinity remains in a deficit
AXS’s social dominance was nearly the same as network growth. At press time, AXS’s social dominance was at a low point 0.036% This meant that the gaming token was not discussed much. It was unlikely that AXS could attract the attention of investors, or make the token too hyped.
The social volume was also in a poor position. AXS’s value was one. This meant that it wasn’t the top search engine in terms of volume. As there is not much movement within its network, AXS is not buzzing.
Source: Santiment
Finally, Axie Infinity’s positive sentiment The negative sentiment was 1.377, while the price of the token was 0.623 at press-time. The community should not expect much of the token with this stance, especially since the bear markets seemed to be destined to continue for some time.
Source: Santiment