User activity on Axie Infinity has grown consistently since 2023. The price of AXS has also increased.
With re-emerging interest in NFTs and the gaming vertical of the crypto ecosystem, leading play-to-earn platform Axie Infinity [AXS] saw an increase in user activity since early 2023, data from DappRadar showed.
Read Axie Infinity’s [AXS] Price forecast 2023-2024
Due to the decline of the overall crypto market in 2022, the play-to-earn gaming ecosystem saw a massive drop in user activity. According to the CoinMarketCap and Naavik 2022 Blockchain Gaming Report published in November 2022, leading play-to-earn games, such as Axie Infinity and STEPN, took a huge hit in 2022.
These shocks came in the form of a decrease in the number of daily active users, NFT sales volume and the number of transactions completed.
Axie Infinity had a positive impact
Interestingly, the 2023 trading year has so far witnessed a renewed interest in NFT projects and blockchain games. According to data from DappRadar, the number of daily unique active wallets on Axie Infinity has increased by 59% since then.
Likewise, the game’s sales volume rose steadily, with an increase in the number of active wallets. With $2.04 million recorded in total sales volume on Jan. 13, DappRadar revealed a 214% revenue growth over the past two weeks.
Furthermore, the number of daily transactions in the play-to-earn game has also increased by 105% since the beginning of 2023.
Due to the growth of the sales volume and the number of transactions on Axie Infinity, the daily turnover has also been positively influenced. So far, daily revenue in the gaming world has grown 77% this year, according to data from Token Terminal. In fact, this is up 36% in the last month.
Realistic or not, here is the market cap of AXS in terms of BTC
AXS is not lagging behind
The price of Axie Infinity’s governance token AXS, which was trading at $9.48 at the time of writing, is up 58% over the past two weeks. In the last 24 hours, the value of the altcoin is up 19%, while trading volume is also up 122%, data from CoinMarketCap showed.
According to Cryptowatch, AXS shared a statistically significant positive correlation with Bitcoin [BTC]whose price has increased by more than 26% since the beginning of the year.
A daily chart review of AXS price movements revealed that the governance token was overbought at the time of writing. Key indicators such as the RSI and MFI remained at overbought highs of 81.02 and 89.35 respectively.
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