Analyzing why Axie Infinity [AXS] fell back despite gaming sector surge

Axie Infinity fell short as other dApps attracted more users. The token might be undervalued, but whales seemed uninterested. Gaming projects in the crypto ecosystem experienced a revival recently, but Axie Infinity [AXS] seemed to have been left behind. According to DappRadar, the blockchain-gaming ecosystem was finding it hard to attract users to its decentralized applications […]

However, Axie Infinity dApp traction was one of its many aspects facing a challenge. The monthly new accounts created on the ecosystem were a blot sight. According to

, the new monthly accounts number could not recover significantly since it began a Month-on-Month downward trend in October 2021.This decline aligned with the earlier notion that monthly usage and transacting addresses fell short of expectations. But is there anything positive happening with AXS? Perhaps an assessment of its on-chain condition could shed more light.that the AXS Market Value to Realized Value z-score was down to -3.48.

At press time, the AXS supply held by the top addresses on several exchanges was 4.45 million. This was far from the spikes of the period when the MVRV z-score was also at a high value.Subscribe to get it daily in your inbox.

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