Market

After a 15% decline, AXS investors should likely “stand still”

After a 15% decline, AXS investors should likely “stand still”.

The current market situation only favors shorts. When the overall market collapsed significantly on January 5th, the bears were able to take command. This is the second largest drop in weeks as the entire crypto market first lost 8.25% on December 28 and then lost over $ 168.3 billion (7.6%) in 24 hours.

AXS leads the drop

At the top of this downturn is AXS, which has plummeted more than 15.51% in the past 24 hours. Remarkably, AXS has been moving in line with the general trend of the entire market for the last 2 months.

As a result, this GameFi token is down 53.07% from ATH to $ 166.3.

AXS price promotion | Source: TradingView

This happens regardless of whether the AXS Ronin Bridge has higher inflows than outflows, at least for Ethereum. For Axies, on-chain data shows outflows nearly 5 to 10 times higher than last week’s inflows.

AXS net current on Ronin Bridge | The source: dune

AXS holders are also doing nothing on this macro decline as there is no solid incentive to move their assets. For this reason, buying activity is currently increasing. In fact, more than 4.7 million AXS were bought by exchanges within 2 months.

Delivery of AXS on the exchange | Source: Santiment

Interestingly, this behavior can continue in the future. Mainly because the facility looks profitable at the moment as the entire network is still profitable. Note the status of the investors, approx. 96% of all addresses are safe, no loss.

Profitable AXS investors | Source: Intotheblock

Hence, new investors have stepped into the right entry point. However, AXS is currently at a one-month low. In addition, the Axie team is further developing the network. Recently on the schedule of White paper (White paper) they reduced the AXS staking reward from 2 million to 1,566 million per month.

On the flip side, new investors should be wary of a possible drop in price as the altcoin closely tracks BTC’s movements due to its high correlation at 0.94.

Correlation between AXS and Bitcoin | Source: Intotheblock

In conclusion, it is best to wait for the green candle before entering.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

58 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.