Axie Infinity (AXS) Price Drops 8% as Token Unlock Sell-Off Begins

Barely 48 hours after the latest 3.63 million token unlock event, Axie Infinity (AXS) price has retraced 8%, hitting the $6 mark on Tuesday. With the Axie Infinity sell-off in full swing, where will AXS price find support?

Timeline of Axie-infinity

Axie Infinity creator Sky Mavis has announced a partnership with NFT collection CyberKongz, which will reward some of the blockchain game's players with digital assets. As part of the alliance, a new NFT collection called Genkai will be unveiled on July 27, with some of the tokens minted on Sky Mavis's Ronin chain.

Metaverse, once hailed as the future of the internet, now faces a potential flop. But amidst the challenges, there is hope for refinement and widespread accessibility in the virtual realms.

Axie Infinity (AXS) continues to be one of the top performers in the market even though the bear market trend. However, an upcoming token unlock event could put an end to the alt coin's bullish trend given the amount of tokens involved.

After double-digit gains in June, Axie Infinity's (AXS) price dropped to $5.80 following an unsuccessful attempt at the $6.50 resistance. On-chain data suggests that the bears are on the verge of breaking the $5.80 support.

Axie Infinity (AXS) price gained 20% last week after a rare gaming tournament triggered an unexpected bull rally. With the tournament still ongoing, on-chain data suggests that the rally may not be over.

This week, Axie Infinity (AXS) price has consolidated within the $5.5 – $5.8 range after an unsuccessful attempt to break the $6.5 resistance. Will the whales maintain their bullish stance to trigger an early rebound?

Axie Infinity (AXS) price scored double-digit gains last week, and so did other prominent metaverse projects like TheSandbox (SAND) and Decentraland (MANA). What is behind the price rally?

In an enlightening interview hosted by Justin Roberti and myself, J Rod Safdiye , at the Benzinga Crypto Unlocked virtual event, we dove deep into the future of W eb3 gaming with Jihoz , the co-founder of Axie Infinity (CRYPTO: AXS) and Sky Mavis. The conversation spanned an array of topics, from the merits of gaming as an introduction to Web3, the fluctuations of Web3 gaming economies, to the potential of dynamic NFTs.

Axie Infinity, the popular blockchain-based game, has recently displayed robust short-term bullish momentum. However, there are indications that prices may experience a decline over the upcoming weekend.

As investors weigh in on the latest approval of a leveraged Bitcoin Exchange Traded Fund (ETF) product that was approved by the United States Securities and Exchange Commission (SEC), tokens like Axie Infinity are capitalizing on this broader sentiment and complemented by a rare ecosystem event which went live today.