Axie Infinity price dips 45% since April even as Axies’ active addresses rise nearly 700%

• Axie $NFT collection’s monthly active addresses climbed 690% since April.
• The $NFT project has generated more monthly on-chain revenue than most other blue-chip collections in the past 30 days.
• $AXS wiped out 45% of its value since April even as Axie NFTs are relevant among investors.

Axie Infinity ($AXS) is a gaming finance (GamsFi) token with a virtual world and a game featuring Axies from the $NFT collection. $AXS has wiped out nearly 45% of its value in the past two months as $AXS price has been in a state of decline since April, down from $11.10 on April 1 to $6.22 on June 27, at the time of writing.

The $NFT collection’s Axies have generated more monthly on-chain revenue than most other NFTs, per DeFiLlama data.

$AXS suffers 45% correction since April, Axies’ popularity persists

Data from DeFi intelligence tracker DeFiLlama shows that the monthly active users of Axies have climbed 690%, from 26,500 to 209,600 between April and June 2024. The blue-chip $NFT collection is generating more monthly on-chain revenue relative to others, as seen in the chart below.

30-day on-chain revenue of the $NFT collection

Co-founder of Axie Infinity shared statistics from the Coinbase learn-to-earn campaign in mid-June. @Jihoz_Axie dropped key details of the campaign that evidence the rising demand for the NFTs and the relevance among traders:

• 236,000 total participants engaged with Axies
• 202,000 Axies were purchased
• Axie treasury noted a 99% surge in weekly fees paid, up from $50,685 to $100,843, during the first ten days of the campaign.

$AXS/$USDT daily chart shows a 45% decline in the GameFi token’s price in the same timeframe where Axies collection noted a surge in revenue and monthly active users. It is likely that the token’s price has failed to catch up with the popularity of the $NFT collection.

Axie Infinity’s $AXS could extend gains by 6% and rally towards the Fair Value Gap at $6.661, as seen in the chart below. The GameFi token could make steady progress towards recovering from the 45% correction.

The Moving Average Convergence Divergence (MACD) momentum indicator supports the bullish thesis. Green histogram bars appeared above the neutral line on the $AXS/$USDT daily chart, as seen below, signaling positive momentum underlying $AXS price trend.

$AXS/$USDT" src="https://cnews24.ru/uploads/7cb/7cb351157dd7c914380dc85d0e0d03db08f65f18.png" size="2168x1542">

$AXS/$USDT daily chart

If $AXS fails to extend gains, it could find support at the Fair Value Gap between $5.996 and $6.036.