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Axie Infinity Leads Gaming Crypto Crash Amid Wider Market Rout

NFT tokens are among the hardest-hit in the past 24 hours as the broader cryptocurrency market went into freefall on Wednesday.

2 min read
Investors are bullish on crypto gaming. Image: Shutterstock

While most eyes are on Bitcoin plummeting below the $43,000 mark for the first time since late September, and Ethereum falling by more than 13%, major gaming and NFT tokens took their share of the battering as well.

Among them is AXS, the governance token behind the popular play-to-earn NFT game Axie Infinity, which is down as much as 19.3% in the last day.

AXS was changing hands at a three-month low of $76.95, per CoinGecko, or more than 50% down from the token’s all-time high of $164.90 recorded on November 6.

Chiliz (CHZ), the crypto powering the fan token issuance platform Socios, fell by 14.8% over the day, changing hands at $0.273 at the time of writing.

In recent months, Socios inked multiple deals with sports teams across the world, including soccer giants FC Barcelona, Juventus, Paris Saint-Germain, Liverpool FC, and the NFL’s New England Patriots and several major Indian cricket teams, among others.

However, with the latest drop, the platform’s token is more than 68% away from its March 2021 record high of $0.87.

Similarly, Enjin Coin (ENJ), the native token of the eponymous online gaming platform, sank by 15% in the past 24 hours to the current price of $2.34, according to data provided by CoinGecko.

The Sandbox token SAND is down 13% to $4.85, while Decentraland’s token MANA lost 12% of its value in the past day, trading at $2.86 at press time.

The price of both coins hit all-time highs in late November; however, since then, the tumbling markets saw their value crash by 42% and 51%, respectively.

At a larger scale, the market capitalization of all cryptocurrencies fell to $2.13 trillion, down as much as 10.3% during the span.

The latest rout also reminds market participants of the weight held by leading cryptocurrencies like Bitcoin and Ethereum.

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