Axie Infinity ($AXS) Crypto Forecast: Down 5.1% Today

What is Axie Infinity?

AXS is the native token of the Axie Infinity ecosystem, a blockchain-based game where players can earn tokens by playing. The overall cryptocurrency market has been volatile recently, with investors closely monitoring various tokens and their price movements.

Why is Axie Infinity going down?

AXS crypto is down 5.1% on Jul 2, 2024 1:35

• The bearish movement in AXS today could be attributed to the significant amount of tokens set to unlock in July, totaling $730 million. This influx of tokens into the market may have created selling pressure, leading to the price decline.
• Investors may be concerned about the potential impact of such a large amount of tokens entering circulation, leading to a sell-off in anticipation of price depreciation.
• The market sentiment towards AXS may have been further exacerbated by the overall uncertainty and volatility in the cryptocurrency market, causing traders to react more sensitively to news and events.

AXS Price Chart

AXS News

July Token Unlocks: $730M Set to Shake Crypto Markets

July Token Unlocks: $730M Set to Shake Crypto Markets

https://www.coingabbar.com/en/crypto-currency-news/crypto-july-token-unlocks-730m

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Axie Infinity Price History

28.05.2024 - AXS Crypto was up 5.2%

• The bullish movement in AXS could be due to positive sentiment surrounding the Axie Infinity ecosystem and its increasing popularity.
• The recent incident involving an investor being convicted for unlicensed investment advice may have generated interest in decentralized platforms like Axie Infinity, where users have more control over their investments.
• Investors may be exploring alternative investment options in decentralized assets like AXS, in light of regulatory scrutiny on traditional investment channels.

24.05.2024 - AXS Crypto was down 5.1%

• The recent bearish trend in AXS could be linked to negative speculations about a significant price drop, triggering a wave of panic selling among investors.
• Concerns surrounding regulatory oversight in the cryptocurrency sector escalated with reports of an investor facing legal consequences for providing unlicensed investment advice in a private Telegram group, contributing to AXS's decline.
• The anticipation of a bullish run for other alternative coins in July may have diverted attention and investments away from AXS, thus impacting its price negatively.
• While Polygon's successful partnerships with Ronin and Fox News positively influenced MATIC, they potentially steered focus away from AXS, resulting in reduced interest and investment in the project.

19.05.2024 - AXS Crypto was up 5.3%

• AXS showed a robust bullish trend today, likely influenced by the optimistic sentiment in the cryptocurrency market.
• Partnerships secured by Polygon and Ronin's utilization of Polygon technology could have had a positive impact on blockchain and gaming sectors, indirectly benefiting AXS as a key player.
• Progress in the Layer 2 zkEVM ecosystem and the forthcoming launch of Layer-2 chains by Ronin may have also contributed to AXS's positive market performance, signaling increased adoption of blockchain technology in gaming networks.
• The expectation for small market cap altcoins to rise in July may have heightened investor interest in AXS, contributing to its bullish performance today.

19.05.2024 - AXS Crypto was up 6.2%

• The surge in AXS today can be explained by:
• Deals between Polygon, Ronin, and a media company have increased interest in projects using Polygon's technology, benefiting related cryptocurrencies like AXS.
• Ronin's entry into the Layer 2 zkEVM space with Polygon CDK and the launch of Layer-2 chains for Ethereum gaming networks indicate progress in the blockchain sector, which could attract more investors to AXS.
• Despite some initial uncertainty due to the endorsement of BlockDAG over AXS by influencers, the favorable developments with Polygon and Ronin partnerships have outweighed these concerns, resulting in the surge in AXS.

18.05.2024 - AXS Crypto was down 10.8%

• The bearish movement of AXS today could be attributed to the launch of Layer-2 chains by Ronin, an Ethereum gaming network, potentially shifting investor focus towards Ronin and affecting AXS negatively.
• Additionally, the endorsement of BlockDAG over AXS by YouTube influencers may have contributed to a decline in investor sentiment towards AXS.
• In summary, the bearish movement of AXS today is likely influenced by a combination of factors, including market conditions and developments in the blockchain gaming sector.

18.05.2024 - AXS Crypto was down 9.5%

• The bearish movement in AXS could be attributed to YouTube influencers endorsing BlockDAG over AXS, potentially leading to a shift in investor sentiment.
• The announcement of Ethereum Gaming Network Ronin launching Layer-2 chains may have diverted attention and investment from AXS, impacting its price negatively.
• These factors, combined with broader market volatility, likely contributed to the strong bearish movement in AXS today, as investors considered competitive threats and potential opportunities in the sector.

17.05.2024 - AXS Crypto was down 5.1%

• The bearish movement in AXS could be attributed to influencers endorsing BlockDAG over AXS and FLR, potentially diverting investor attention and funds away from AXS.
• This shift in sentiment towards BlockDAG might have caused a sell-off in AXS as investors repositioned their portfolios based on the influencers' recommendations.
• The endorsement by influencers could have created a FOMO (fear of missing out) effect on BlockDAG, leading to a surge in its value at the expense of AXS.

13.05.2024 - AXS Crypto was down 5.4%

• The bearish movement in AXS today could be attributed to profit-taking by investors following a recent surge in the token's price.
• The news of Norwegian authorities returning $5.7 million worth of stolen crypto assets from the 2022 Ronin Network hack may have created uncertainty and fear in the cryptocurrency market, leading to a sell-off in AXS.
• Investors might be concerned about the security of crypto assets and the potential impact of regulatory actions on the overall crypto market, leading to a bearish sentiment towards AXS.
• The recovery of funds from the Ronin Bridge case could have also highlighted the vulnerabilities in decentralized finance platforms, prompting investors to reevaluate their risk exposure in assets like AXS.

08.05.2024 - AXS Crypto was down 9.5%

• The bearish movement of AXS today could be attributed to the news of Norwegian authorities returning $5.7 million worth of stolen crypto assets from the 2022 Ronin Network hack. This development may have raised concerns about the security and vulnerability of blockchain networks, leading to a sell-off of AXS tokens.
• The recovery of funds in the Ronin Bridge case and the update on the Ronin hack could have also contributed to negative sentiment around AXS, as investors may fear potential regulatory scrutiny or increased security risks in the broader crypto space.
• Additionally, the launch of the Ronin Forge Web3 Early Access Program on the Ronin blockchain may have diverted attention and investment away from AXS temporarily, impacting its price negatively amidst the overall market movement.

08.05.2024 - AXS Crypto was down 7.1%

• The bearish movement of AXS today might be linked to the negative sentiment surrounding the Ronin Bridge case, where $5.7M was recovered in a major breakthrough, highlighting security vulnerabilities in the crypto space.
• The return of millions stolen in the Ronin hack, particularly by Norwegian authorities, may have sparked concerns about the overall security of digital assets, leading to a sell-off of AXS.
• The launch of the Ronin Forge Web3 Early Access Program on the Ronin blockchain might not have been sufficient to counter the impact of the ongoing security issues, contributing to the downward pressure on AXS.
• The listing of Notcoin (NOT) by Binance for spot copy trading could have shifted some attention and investment away from AXS, adding to the bearish sentiment in the market.

08.05.2024 - AXS Crypto was down 6.7%

• The bearish movement in AXS could be attributed to the recent Ronin hack update, where stolen funds were returned. This incident might have raised security concerns among investors, leading to a sell-off in AXS.
• Additionally, the launch of the Ronin Forge Web3 Early Access Program on the Ronin blockchain could have diverted attention and investments away from AXS temporarily, impacting its price negatively.
• The recent listing of Notcoin (NOT) on Binance for spot copy trading might have attracted traders away from AXS, causing a shift in trading volume and price movement.
• The surge in the crypto market fueled by the Final Manufacturing PMI news might have led to a rotation of funds from AXS to other cryptocurrencies, contributing to its bearish movement.

07.05.2024 - AXS Crypto was down 9.8%

• The bearish movement of AXS could be attributed to profit-taking by investors after a recent bullish run.
• The recovery of $5.7M from the Ronin bridge heist by Norwegian authorities may have raised concerns about security vulnerabilities in the blockchain ecosystem, impacting investor confidence in AXS.
• The launch of the Ronin Forge Web3 Early Access Program on the Ronin blockchain could have diverted attention and capital away from AXS temporarily.
• The listing of Notcoin (NOT) on Binance for spot copy trading and its rising market cap may have attracted traders away from AXS, leading to selling pressure on the token.