Axie Infinity dropped drastically over the bear market with the vast majority of its 2021 highs eliminate between 2022 and 2023. Usage on the Axie Infinity platform also dropped at the same time as blockchain gaming lost its appeal to users. That is until now, where it seems that there is a resurgence in the Axie Infinity ecosystem and the AXS token pumping in response,
Axie Infinity Usage On The Rise
Last week, the usage on Axie Infinity dropped drastically bringing the unique active wallets (UAW) down to a pitiful 56,000. However, this week has seen a change in this trend where the unique active wallets on the Axie Infinity platform has jumped double-digits.
According to data from DappRadar, the blockchain game’s UAW jumped 10.19% bringing the total to 15,470 for the 24-hour period. There was also a 2.52% increase in daily transactions to bring it to approximately 59,000 transactions in the same time period.
Volume saw the biggest jump during this time after rising 555.94% in one day to reach $3.89 million. This also brought the total balances of all Axle’s smart contracts to $676.53 million, representing a 7.29% increase in the same time period.
The weekly stats were not left out as well with UAW rising 8.75% to 33,520 and volume rising 295.5% to $11.02 million. The $676.53 million smart contract balances recorded on Monday meant a 16.88% increase in a 7-day period. However, transactions have not fared as well on the weekly timeframe after a 2.64% drop to 368,270 transactions.
AXS Leads Daily Gains
The rise in various metrics in the Axie Infinity ecosystem coincides with an increase in the price of its native token, AXS. The altcoin put on a remarkable recovery between Sunday and Monday that saw its price rise 16.62%, making it the top gainer in the crypto market over the last 24 hours.
AXS’s jump in daily trading volume on the open market came out to 421% after reaching $260 million. The rally started at $5 and has since risen to a 24-hour high of $5.98 before correcting back downward.
Interestingly, Axie Infinity just completed an $88.03 million token unlock on October 20 which amounted to 11.5% of the total token supply. This had initially triggered a downtrend but Axie’s bullish sentiment looks to have returned once the dilution was complete.The next token unlock event for the ecosystem will happen in January 18, 2024, which gives investors a runway of about two months before more dilutions occur.
For now, AXS continues to demonstrate strength at $5.81, marking an over 30% increase on the weekly chart.
AXS price sitting at $5.77 | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com