• Axie Infinity’s native token, AXS, has seen growth since the start of the year despite the negative effects of the crypto winter.
• The game has been experiencing a continued decline in its player base since its all-time-high in January 2022.
• The recent rise in AXS price could be a sign of revival for the game, but it remains to be seen if it can sustain the momentum.
The GameFi industry has been feeling the pinch of the crypto winter, with billions of dollars wiped off the crypto market. One of the projects that have been hit the hardest is Axie Infinity, with its native token AXS losing 91% of its value in the third quarter of last year. However, the crypto market has seen a renewed sentiment in recent months, which has seen the price of AXS rise 43% in the past 24 hours, according to CoinGecko. This could be a sign of revival for Axie Infinity, but the game still has many challenges ahead of it.
One of the biggest issues facing Axie Infinity is its declining player count. According to activeplayer.io, the game has been on a steady decline since its all-time-high in January 2022. The most drastic drop in the player base was in June 2022 when the game lost 1.2 million players in a single month. Currently, the game is near its November 2020 lows, which is a worrying sign for one of the biggest play-to-earn games in the market.
The recent surge in AXS price may be a sign of hope for Axie Infinity, but it remains to be seen if the game can sustain this momentum. The game needs active players to keep it going, and the current player count is still low. If the game can manage to turn this trend around, then the recent rise in AXS price could be the start of a new era for the project. However, only time will tell if the game can make a successful comeback.