Nansen has released a statement on the daily transaction volume of Axie Infinity. This subsequent occurrence faced by the company has once happened in the middle of July this year. The losses incurred by the company dropped the price of Axie NFTs to $102, which is a 5% drop from the initial cost of the token and its number of users. Further prediction revealed that a future rise of the Axie Infinity will shift the new price to $104.27; the token is set to fold up if it is not successful in the test.
The play-to-earn token, Axie Infinity, has experienced a sudden downfall in its market price. This fall resulted from a reduction in the number of daily user activities on the network. This circumstance has put Axie Infinity to the test by a blockchain data analyst.
Axie Infinity Is Still Facing a Price Drop
The crisis faced by Axie in the middle of July has occurred again. A blockchain data analyst, Colin Wu, has stated that the daily transactions made from the play-to-earn game sector by Axie have fallen. Nansen also revealed a statement on the fall of Axie. Nansen is known for its blockchain analytical skills.
Axie is set to rise again if users purchase in-game tokens and NFTs through their Ronin wallet. However, the company lost more than 70% of the token from its previous spot as users’ satisfaction and demand for Axie Infinity NFTs have decreased. Transactions made on this network have fallen below 300,000 on the Ronin Chain application.
The company has upgraded its wallet with a new feature that enables debit card transactions to attract users. The feature has been implemented as part of its blueprint to attract new users to return to a stable position in the marketplace.
The play-to-earn metaverse tokens are no longer satisfactory to users, which has, in turn, affected the activities on the network and the sales of NFTs. The price has also been negatively impacted as it dropped by 5% in 24 hours. This circumstance has caused panic among Axie Infinity users leading to a reduction in transactions made on the network.
However, there seems to be an optimistic analytical prediction made by @BigCheds. @BigChad is an alias for a cryptocurrency analyst. The analysis has spread that the play-to-earn token will rise after this downfall. The new height is set to be over the $104.27 benchmark as the new Axie Infinity price.
Axie Infinity will undergo a test that will determine its value, whether to grow or experience a further fall. Another fall in the network activities and the sales of NFTs tokens will lead the company to bankruptcy.
December 23, 2021 — Cheds (@BigCheds)
However, there is an optimistic prediction from FXStreet on the rise of the Axie Infinity price and plenty of potential for the token. The company is set to recover from the sudden fall by implementing new user-friendly features.
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