While the cryptocurrency market has been rising in recent days, Axie Infinity (AXS) is content to watch in a corner. The rally that started on October 25 was a bad date for the metaverse game.
Here is the news that reins in the price of Axie Infinity (AXS)
Most altcoins naturally experienced downward pressure due to the bear market. Others had a rough year due to hacker activities. Many DeFi projects were victims of this hacker activity. Axie Infinity (AXS), one of the victims of the metaverse market, lost $625 million in the Ronin hack last March. The AXS price then completed a long journey from $75 to $11.
21.5 million AXS unlocked
Axie Infinity announced via its official twitter account on October 25 that the team will eventually unlock a massive 21.5 million AXS for staking the platform, its team and advisors, representing 8% of its total supply. This caused panic among investors. Selling pressure has started for AXS as many expect the price to break $5. As Kriptokoin.com, we have conveyed the details in this article.
We believe this represents a paradigm shift in digital property rights and we're honored to walk this path with you
vesting schedule: https://t.co/Q5qLbuCX6E
— Sky Mavis (@SkyMavisHQ) October 11, 2022
Aleksander Leonard Larsen, co-founder and COO of both Axie Infinity and Sky Mavis, highlighted that there are many misunderstandings about an imminent AXS token unlock that needs to be fixed. He tried to quell fear, pointing out that the unlocked tokens are different from the tokens currently in circulation. He went on to detail the facts in the tweet thread below. He explained that the token lock is just the usual program:
With the upcoming $AXS token unlock there is a lot of misinformation that should be clarified
First, tokens unlocked are not the same as tokens in circulation
According to the unlock schedule, there could be 151M in the market, but there are only 102M in circulation.
How?
— Aleksander / Psycheout – Axie Infinity (@Psycheout86) October 20, 2022
However, despite Aleksander Leonard Larsen’s best efforts, AXS was unable to evaluate the final rally. At #57 by market cap, Axie Infinity has not moved at all in the last 24 hours at the moment. It has lost more than 8% in value since last week. For comparison, almost all altcoins are currently rallying in double digits, including Ethereum. Axie Infinity, on the other hand, remained silent throughout the process.
According to CoinMarketCap data, AXS market cap currently stands at $861,069,398 after clearing around $200 million in recent weeks. Today, Axie Infinity remained stable, spending time in the $9.2 region. The 24-hour trading volume was $213,194,219. Despite the price drop, Axie Infinity is still one of the top metaverse projects with a total of 275,701 owners. As a result, despite all the negativity, it manages to maintain its position in terms of investors.
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