This can pave way for Axie Infinity’s [AXS] rally

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This can pave way for Axie Infinity's [AXS] rally

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Having shed significant gains this month, Axie Infinity [AXS] market participants remained cautioned. After a sporadic surge, the prominent non-fungible token [NFT] gaming platform has resorted to the “slow and steady wins the race” approach as it recovered from a major slump earlier last week. Despite the ongoing dullness in the market, the latest data point towards an increased adoption rate.

According to the crypto-intelligence platform, IntoTheBlock, Axie Infinity continues to witnessed heightened adoption from users. The charts point towards massive growth in terms of the number of wallet addresses which hit a fresh peak of 17,480. Since the beginning of 2021, the figure for addresses has increased by 420%.

ITBs’ tweet regarding the same read,

“The number of $AXS holders continues to grow, hitting a new all-time high yesterday. There are now 17,480 addresses with a balance in AXS, representing a 420% increase YTD.”

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The latest development comes just a week after DappRadar revealed the play-to-earn game Axie Infinity had pierced through yet another impressive milestone and generated upwards of $2 billion in all-time sales. According to the data, more than 615k market participants had purchased or sold NFTs, in approximately 5 million transactions, meaning, an average transaction for an Axie Infinity NFT costs around $420.

Axie Infinity had emerged as the biggest contributor to the NFT economy. The reports also revealed that its collection amassed over $765 million in sales, drawing well over 80% of the total volume of game non-fungible sales in August. The growth in activity has been consistent this month as well and has mostly remained unfazed by the rising prices for in-game NFTs.

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Axie Infinity [AXS] Stellar Growth Trajectory

Axie Infinity Shards [AXS], the native token of the NFT platform had noted a substantial raise after bounced higher on the 23rd of September after being listed by two major cryptocurrency exchanges- Bitfinex and Bitstamp. The development catapulted the asset from a damaging turn of events as the broader market continued to dive deeper.

The technicals do not appear to be highly optimistic but it does indicate improvement in AXS’ trajectory. The green closing candles of Awesome Oscillator [AO] depicted weak but bullish momentum in the market. The daily Relative Strength Index [RSI] surged above the 50-median line indicating buyers have control over the price action.

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AXS’ price might seem to be trading sideways but the major factor that can influence it in favor of the bulls is the growing adoption and activity in the ecosystem.

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