• Axie Infinity announced earlier today that ban terms were modified, and 18,505 Axies were banned on account of abuse. 
  • Despite a spike in on-chain activity, gaming token Axie Infinity has failed to recover from the recent price drop. 
  • Analysts have noted an inverse correlation between Axie Infinity and DeFi’s blue-chip projects Sandbox and Decentraland.

Axie Infinity is taking steps to tackle multiple account abuse on its platform, modifying the ban terms. The play-to-earn gaming platform’s native token has failed to recover from a price drop over the past two weeks. 

Axie Infinity price struggles to recover from drop below $150

Axie Infinity is currently tackling the challenge of multiple account abuse on its play-to-earn gaming platform. 18,505 Axies were banned from the game. Over the weekend, the platform modified its terms and fixed the error detected in their algorithm. 

Rules around multiple accounts are now updated and clearly laid out on the gaming platform’s website. 

Proponents recently noted a spike in the on-chain activity on the gaming platform. Despite a rise in activity, native token AXS price has failed to recover. AXS price has plunged 14% over the past two weeks. 

Colin Wu, a Chinese Journalist, noted that AXS had crossed 1.1 million daily active addresses.  

AXS’s correlation with DeFi’s blue-chip projects Sandbox and Decentraland has turned negative, according to data from Nansen. Analysts consider that the negative correlation between AXS and top DeFi projects has fueled the bearish sentiment among traders. 

DeFi blue-chip projects are rallying while AXS price fails to recover. Pseudonymous cryptocurrency analyst @ByzGeneral recently tweeted:

Players’ earnings on the play-to-earn gaming platform dropped below the minimum wage for players in the Philippines alongside a drop in AXS price on November 16. 

@tendorian9, a pseudonymous cryptocurrency analyst, believes that there is room for vertical growth in AXS price. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP