3 Reasons Why Axi Infinity (AXS) Price Is Tanking

axi infinity[एएक्सएस]The coin is down 21.6% over the past week, with 34.3% in the past month marking a difficult period for the coin.

One of the major contributors to this decline is that millions of vested tokens are about to be unlocked, leading to fears that the tokens will be dumped on the market.

Axi Infinity AXS Price
Source: CoinGecko

AXI Infinity AXS

Axi Infinity and its token AXS have been facing tough times of late. AXS has performed poorly over the past month and is down 34.3% in price during this period. The macro picture is no longer favourable, with the token down 94.8% from its all-time high in November last year.

Nearly 22 million AXS tokens are set to be unlocked on Monday, October 22.

The unlock period has been the subject of a large amount of misinformation, according to Chief Operating Officer Aleksandr Larsson. The point Larsen attempted to make is that unlocked tokens do not necessarily equate to circulating tokens.

“There is a lot of misinformation with the upcoming $AXS token unlock that needs to be clarified. Firstly, unlocked tokens are not the same as coins in circulation,” Larsen said on Twitter TeacherDay, “As per the unlock schedule, there may be 151M in the market, but there are only 102M in circulation. How? Most of the unlocked tokens from staking, P2E, ecosystem funds and advisors to date have been left in implicit contracts or multi-sigs … Unlocked Tokens = / Circulating Tokens.”

If Larsen is to be believed, the drop in AXS could be a news type event, where the prediction of a coin dump has unreasonably affected the price.

That said, data from DappRadar shows that interactions with the game have also decreased. At the same time whales are buying AXS potentially adding to the fears of a dump in the future.

According to whalestats AXS “Now in the Top 10 Bought Tokens Out of the 500 Biggest #ETH Whales in the Last 24 Hours”

pieces of comfort

Axi Infinity didn’t have to look far to find the bad news coming as of late, but there have been a few small bits of comfort.

In September the company managed to recover $30 million worth of crypto stolen from them in the Ronin Bridge attack. Even so, this only represents a fraction of the total $620 million the company lost.

Last month BeInCrypto spoke with Alexander Larsen to find out how the company plans to take crypto gaming by storm again.

be for[In]Latest Bitcoin (BTC) Analysis of Crypto, Click Here


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