After a hotter-than-expected U.S. price report last Thursday, the broader crypto market shed nearly $8.08 billion in value, reports data from Coingecko.
Several tokens were hit harder than others amid the chaos.
Gaming-related cryptocurrencies including Axie Infinity (AXS), Chiliz (CHZ), and Apecoin (APE) have posted substantial losses of at least 8% over the past week.
AXS, the token powering the popular NFT-based game Axie Infinity, has dropped more than 13% over the past week, per data from Coingecko.
The damage is much worse when examined over the past month, with CoinGecko indicating a drop of nearly 19%. The week’s bearish performance pushed AXS down 93.9% from its all-time high of $164.90 in November 2021.
Apart from the broader market’s bearish sentiments, AXS price has also been affected by the upcoming token unlock and the constant declining player count.
According to Token Unlocks, about 8% of the total AXS supply, totaling 21.543 million, is about to be unlocked for investors and advisors on October 25.
As of this writing, the unlocked tokens are worth more than $210 million.
Over the past 30 days, only 701,447 players interacted with Axie Infinity, levels not seen since December 2020. According to data from Active Player, Axie Infinity had nearly 2.78 million players during the start of the year.