Axie Infinity has felt the impact of bearish markets lately. Meanwhile, the GameFi protocol has seen active interactions on Twitter chart boxes after recent news.
The move saw Axie launching Origin Season 0, marking the migration into Phase three. These updates will attract new upgrades, guaranteeing an improved gaming experience. Meanwhile, Season 0 will transition to Season 1 after 30 days.
The new launch attracted trader attention as AXS noted uptrends on its daily timeframe on August 24. While publishing this post, the alternative token traded at $14.70, following a 3.08% increase. However, the ongoing market situation still saw AXS losing 17.2% within the past seven days (Coinmarketcap data).
Where’s the Sunshine?
Though AXS noted bullish actions, concerns about the gaming space in decentralized finance (DeFi) prevail. The bear markets have seen GameFi suffering after hitting peaks in a mid-last year. Also, Axie user data reflected such tendencies within that course.
Dune data shows daily new addresses have declined under 100 over the past few weeks. That’s massively low from the mid-July number of 3K. Nevertheless, Axie attempts to revamp its GameFi performance on its digital nation, incorporating new launches. Axie confirmed SLP rewards added to Origin’s gameplay mode, removed from Classic (v2).
Moreover, users will access NFT Runes and Charms – created through SLP tokens – and Moon Shards – minted on Ronin. Axie has seen its present users sticking with the platform regardless of failure to draw new users.
DappRadar’s data shows how participants stayed stagnant amidst lower activity shifts. Also, activity witnessed a massive spike to 79.5K users on August 12, following initial Season 0 updates. Meanwhile, Axie sees high expectations as it tries to create a new arsenal.
Also, the alternative token has seen improved sentiment following the news. However, broad market cues define token movements. That means AXS investors should evaluate overall market actions for profitable moves. The cryptocurrency market remained risky during this publication, with bears restricting upsides.
The market has remained shaky since Bitcoin failed to overcome $25K. While publishing this content, BTC remained beneath $22K, despite slight upswings within the past day. Time will tell what the coming sessions will bring to the market and possibly to AXS.
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