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.
Apecoin, the token underpinning the popular NFT collection Bored Ape Yacht Club (BAYC) and its upcoming metaverse platform Otherside, has also posted significant losses of over 8% in the past week.
Currently, APE trades at $4.30 after recovering from its monthly low of $4.18 recorded earlier today, per data from CoinGecko.
APE’s bearish week was fueled by the ongoing SEC investigation into Yuga Labs, the company behind all things at BAYC, over potential securities law violations.
The week’s bearish price action now puts the token down over 83% from its all-time high of $26.70 recorded in April 2022.
Today, CHZ is down 4.6% and trades at around $0.17, according to data from Coingecko. The coin dipped to its weekly low of $0.1671 earlier today before staging a recovery.
CHZ has lost 80.6% from its all-time high of $0.8786 recorded in March 2021.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Bitcoin fell more than 4% late Thursday after Israel launched airstrikes against targets in Iran, escalating tensions in the Middle East and prompting a broad selloff across risk assets.
The world’s largest cryptocurrency dropped to $103,556, down from a 24-hour high of $108,500, according to CoinGecko data.
Israel confirmed the strikes targeted Iranian military infrastructure near Tehran and Tabriz, in what it described as a “preemptive response” to growing threats.
In a press briefing on Thurs...
Shares in SharpLink Gaming plummeted more than 70% in post-hours trading Thursday after the company—which recently announced that it would create an Ethereum treasury—filed an S-3 shelf prospectus with the SEC to potentially sell securities.
Minneapolis-based SharpLink, an online gambling marketer that lists on the Nasdaq, was recently changing hands at $10.35 per share, according to Yahoo Finance data, after briefly dipping below the $8 mark in after-hours trading. It closed Thursday trading at...
Crypto prices are falling fast Thursday afternoon, forcing the liquidation of many an optimistic bet on future prices—with over $320 million worth of long bets getting wiped out in the last hour alone.
That's according to data from CoinGlass, which shows nearly $328 million worth of total liquidations over the last hour, nearly all longs, along with $713 million worth of crypto positions liquidated over the last day. During that span, $650 million worth of the liquidations were long positions, o...