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Wednesday, September 28, 2022

AXS Goes South As Axie Infinity Reduces Staking Reward To 1,560,000

Axie Infinity (AXS) the P2E blockchain game has eliminated the system of token reward and has subsequently lost over 17% of its value within the past 24 hours. The announcement of the reduction in rewards came from a social media post in the past few houses.

The post by Axie Infinity announced that tie reduction in the staking rewards was within its schedule and mentioned in its whitepaper. It has also announced that the next reduction of the monthly rewards could be set for June 2025.

Ethereum-Based Collectible Game Axie Infinity Has Suffered a Lost Of 17% In Value

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The staking reward reduction of AI has led to the 17% loss in value to trade finally at $78.22. AI has also been underperforming of late in the past several months. The long-term sustainability of the project is also under doubt. The project is already on the verge of touching a 10 million user base and around a million players are actively night and day.

But a mere 14% of the total number of players are going for Axie Infinity. Additionally, over 9% of players have already moved on and sold their transfer. The number of payers to have bred Axie Infinity is lesser at a mere 5%.

Additionally, less than 5% of players have been in the process of breeding Axie Infinity for two consecutive months. This poor performance comes even as the team reported selling off a disposable land on its platform for $2.3M.

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Axie Infinity is at present trading below its 100-day moving average price which is $119.                                     

There could be a further dip as the token has been shown to underperform according to the technical indicators of AI. If the firm maintains the present momentum in the market, it could soon find itself struggling to retain the minimal support level, which is at $70 in the next hours.

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