Two different tokens power the Axie Infinity ecosystem. First AXS, which is the native token of the network. Then Smooth Love Potion (SLP), in-game tokens earned by playing the Axie Infinity game.
A common denominator with both tokens is that their prices have dropped in the last three months. This is mainly due to a decrease in active players in Axie Infinity, based on their growth data.
Axie Infinity has attempted to rekindle the passion of gamers that saw the network record high daily earnings during the cryptocurrency boom of 2021.
On August 12, it Announced the launch of Season 0 of Origin, which represented the game’s transition to Phase 3. This came after Season Alpha, which was its transition to Phase 2 on June 30.
With Phase 3, the play-to-earn gaming platform brought new gameplay and economic updates related to its AXS and SLP tokens.
Seven days later, the tokens continue to trend down.
On August 12, when Origin Season 0 was announced, AXS was trading at $18.6. Down 21% over the past seven days, the native play-to-win token bottomed out at $14.67 at press time. me
Their trading activity also followed a similar pattern of decline on the AXS network.
At the time of writing, the token’s trading volume was 194 million, down 12% in the last week.
Over the past seven days, the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) broke out of the neutral 50 region in a downtrend and inched towards the oversold region.
With further selling pressure underway at press time, the RSI and MFI came in at 35 and 34, respectively.
The continuation of the downward trend in the movement of these indicators showed the increased distribution of AXS in recent days.
Has the mild love potion been potent?
Despite the fact that the main economic updates brought about by the new Origin Season 0 concern the SLP token, its price has decreased in the last seven days.
At press time, it was trading at $0.004216, down 30% in that period. In addition, the commercial activity in the network also fell by 75% in the same time, data from Santimento revealed.
The token was trading at its May level at press time on a daily chart. Its RSI was also seen in a downtrend at 39, indicating a drop in buying pressure in recent days.
Interestingly, despite a decline in its tokens, since its transition to Phase 3, Axie Infinity has seen some traction in the ecosystem. According to data from radardappusers on the network grew by 57.5%.
The total number of transactions on the network also increased by 37.54%.
However, this did not translate into higher sales volume, as it decreased by 64% in the same period.