Axie Infinity AXS Up 42% Despite Imminent Token Unlock

Axis Infinity AXIS token continued its impressive price action, rising 42% in the last 24 hours to $13.06, according to CryptoSlate data.

The positive price performance comes ahead of an imminent token unlock that would release 4.89 million new tokens, 1.8% of the asset’s total 270 million supply, worth approximately $63.8 million, according to token unlocks.

Selling pressure ahead?

AXS is one of the best performing digital assets in the current market rally. Since the beginning of 2023, the play to win (P2E) token has increased by approximately 80%, surpassing flagship digital assets such as Bitcoin (BTC) and Ethereum (ETH).

However, with new tokens due to be unlocked later today, market analysts fear that this could lead to sales pressure about the asset.

Several market analysts advised their community to trade cautiously, while some argued that unlocking provides a little chance.

Hartmann Capital Managing Partner Felix Hartmann saying:

“Historically, teams have saved ads to unlock. I think the market has become so reflexive that people buy in anticipation of the unlocking news. The funding rate is around +0.03%, which means that you are starting to see an imbalance with more long positions than short positions.

Axie Infinity player count drops to a new low

The average number of Axie Infinity players dropped to a November 2020 low, according to Active Player data.

The P2E game had around 100,000 live players and 432,000 over the past month. This is a sharp decline from the more than 2 million players it registered between September 2021 and May 2022.

At that time, Axie’s popularity skyrocketed as players could get a job Through the game. However, the players began desert when your earning potential became limited – this status was even more exacerbated when it was hacked in March 2022.

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