Axie Infinity [AXS] receives increasing attention from Ethereum [ETH] whales after breaking into the top 10 most purchased tokens. The blockchain-based gaming token made it among the top 500 ETH whales in the previous 24 hours, according to crypto whale tracker WhaleStats. A review of the top 100 revealed that AXS was one of the top tokens accumulated throughout the period.
Despite the development, there was no confidence that AXS traders should initiate buy positions. This was owing to the token’s falling 24-hour trading volume. According to CoinMarketCap, the AXS press time volume was £82.79 million. The value was 43.11% lower than it was on October 22nd. Investors who had previously added more AXS to their portfolios had decreased their pace. Furthermore, the price of AXS fell to £7.79 due to this.
Away from the whales’ gaze, on-chain statistics revealed that substantially less AXS has recently flowed into cryptocurrency exchanges. According to Santiment, the AXS exchange influx was 209 at the time of writing. It means that fewer AXS traders were profiting at the time. Before this, there appeared to be a lot of selling pressure, especially when the exchange inflow was well above 44,000.
Despite the diminished seller pressure, AXS was unlikely to have hit a short-term bottom. As a result, buying at the current price may result in even more considerable losses. The exchange outflow also indicated this. Santiment shown at 15,500 that the more investors who relocated their assets out of the exchange may have resorted to long-term holding. This also hinted at a possible move down on the price charts.
Due to these exchange flow conditions, AXS exchange supply could not be stopped from falling further. At the time of writing, the exchange supply had dropped from £2.879 million on October 21st to £1.99 million. However, the reduction did not affect the creation of new addresses on the AXS network. With network growth reaching 135, AXS traders may hope that fresh additions to the ecosystem would lift the price over the current low.
Furthermore, because digital collectibles were popular on the chain, AXS’s NFT status had to be considered. In this regard, AXS received better news. Despite the recent NFT market crash, AXS’ trades total increased to 11 at press time. As a consequence, the overall NFT volume surpassed the October 21st amount.
The NFT volume, according to Santiment, was £849836.90. This means that the game token was used more frequently than usual. As a result, traders can use the data to guide their next trading move. For example, an increase in NFT trades might occasionally result in a price increase. However, there is still a need for caution.