Concerns of Token Unlock Cause Axie Infinity to Fall 22%

The AXS token, which supports the gaming ecosystem of Axie Infinity, recorded a fresh low of 52 weeks consisting of $8.58 on October 24.

Axie Infinity (AXS) is currently the poorest performer in the list of top 100 coins by market cap during the past seven days, having lost approximately 22% of its worth on a weekly basis. Nearly $200 million of the token’s market cap was lost the week before. The market value of Axie Infinity (AXS) as of right now is $890 million, having fallen from $1.13 billion exactly a week before.

Figures from Coinglass show that during the previous week, holdings in Axie Infinity (AXS) futures worth $5.1 million had been sold. The majority of such liquidations, or the remaining 33%, were caused by blown-out long bets. Axie Infinity (AXS) fell 94.8% from its  $164.90 ATH in November of last year and 93.2% over the same period as a result of the week’s negative performance.

The impact has gotten worse over the preceding month, according to Coingecko, which shows a loss of almost 34.6%. In the last 30 days, the value of Axie Infinity (AXS) has decreased by half. Axie Infinity (AXS) is currently trading at about $8.62 and holds the place of 61st on the list of the biggest cryptocurrencies by market cap after mounting a minor comeback.

The leading cryptocurrencies, like Bitcoin (BTC) (0.6%) and Ethereum (ETH) (3%), maintained steady with minor weekly increases. Axie Infinity (AXS) keeps its inverse relationship with the market’s pace. Concerns that individual investors may liquidate their holdings after the scheduled unlock and distribution on Monday are presumably what has driven the decline of Axie Infinity (AXS) the most.

Approximately 21.543 million Axie Infinity (AXS) coins which make up for 7.979% of the entire supply, valued at little more than $185.7 million, will be distributed to Axie’s private investors and advisers in about 15 hours, as per Token Unlocks figures.