- Axie Infinity’s number of Unique Active Addresses (UAW) has risen recently.
- The number of transactions in the ecosystem has also jumped.
- There are still concerns about the network’s valuation.
Axie Infity’s (AXS) token price remained under pressure even as the ecosystem shown some signs of resurgence. AXS was trading at $6 on Tuesday, where it has been in the past few days. This price is a few points below July’s high of $6.88. Its market cap stands at over $836 million.
Axie Infinity is one of the top players in the blockchain industry. It is one of the pioneers in the decentralized gaming sector. Its gaming involves Axies, which can be battled, bred, collected, and can be used to earn resources.
Axie Infinity’s business peaked during the pandemic as the number of gamers in the ecosystem jumped. At the time, many people were staying at home while tokens like Axie Infinity’s AXS and Smooth Love Potion (SLP) surged.
Axie Infinity and other metaverse tokens has been under pressure in the past few months as its users dropped. Recently, however, there are several signs that the network activity is improving,
Data compiled by DappRadar shows that the number of Unique Active Wallets (UAW) has jumped by 18.8% to 72.35k in the past 30 days. At the same time, the number of transactions in the network has jumped by over 23% to over 903k while the volume of these transactioons jumped to $41.15 million.
These numbers are offering a sign of optimism in the ecosystem. Besides, other networks in the decentralized metaverse and gaming industries are worsening. For example, data shows that the UAW in Decentraland dropped by 12% to 1.82k while the number of transactions fell to 42.2k.
Read more: How to buy Decentraland MANA.
Sandbox’s active wallets dropped by 17.52% while the number of transactions fell by 24% to 3.15.
Despite the improvement of Axie Infinity’s business, analysts believe that the token is still extremely overvalued. For one, the network revenue is highly negligible. TokenTerminal, which tracks blockchain revenue, does not have Axie in the top 30 blockchians.
The smallest tracked network is Level Finance, which generated $29 million in the past 365 days. As shown below, Axie Infinity’s revenue has been falling in the past 365 days.
