Axie Infinity records increased demand in November, on-chain data reveals

admin

Nov 25

Axie Infinity has seen increased usage in the last month.
AXS accumulation has continued to outpace distribution.

Leading play-to-earn (P2E) blockchain game Axie Infinity [AXS] has seen a sharp uptick in demand in the last 30 days, according to data from DappRadar.

According to the on-chain data provider, the number of active wallets interacting with the Axie Infinity decentralized application (dApp) has increased 30% in the last month.

At press time, the count of unique active wallets that have completed at least one transaction totaled 73,260.

As its user count increased, the number of transactions completed on Axie Infinity grew as well.

Data from the same source showed that the total number of transactions completed between these unique active wallets and the dApp's smart contracts amounted to 1.41 million, jumping by 19% in the last 30 days.

The increase in activity on Axie Infinity in the last 30 days is attributed to the series of ecosystem developments that have occurred during that period.

Among these, the most notable is the collaboration between Sky Mavis, the developer of Axie Infinity, and the Korean gaming company Act Games, which aimed to integrate a number of Japanese Web2 games into the Ronin blockchain.

This might have brought about an influx of new users who seek to test out Axie Infinity. Hence the surge in the game's network activity.

AXS holds its own

At press time, AXS traded at $6.19, having recorded a 33% price hike in the last month, per data from CoinMarketCap.

Although the alt's price has consolidated in a tight range for most of November, spot market participants have continued to accumulate AXS.

AMBCrypto found that the token's key momentum indicators observed on a daily chart remained above their center lines. This suggested that buying pressure exceeds token distribution.

At press time, AXS' Relative Strength Index (RSI) was 56.45, while its Money Flow Index (MFI) was 63.48.

Read Axie Infinity's [AXS] Price Prediction 2023-24

Also, returning a positive value of 0.04 and positioned in an uptrend as of this writing, AXS' Chaikin Money flow (CMF) signaled a steady inflow of liquidity into the alt's spot market.

Although, due to the uptick in profit-taking activity so far this month, AXS' CMF has witnessed some decline. However, CMF maintaining its position above the zero line in the positive zone showed that the bulls retained market dominance.