Axie Infinity massive token unlock ahead, What's next for AXS?

Axie Infinity (AXS) positioned itself among the leading and most popular ‘play-to-earn' blockchain games during 2021's gaming mania in the cryptocurrency market. The project gathered hundreds of thousands of players, attracting investors and speculators due to its financial nature.

Timeline of Axie-infinity

Around 30 cryptocurrency projects will release over $200 million worth of tokens into circulation in October, according to Token Unlocks data. However, six projects will contribute nearly 80% of this release as they plan to unlock more than $174 million worth of tokens during this period.

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading above the $26,600 level on Friday. Ethereum (CRYPTO: ETH), also moved higher, trading above the key $1,600 mark this morning.

Axie Infinity (AXS) has achieved an exceptional result. Over the past few years, it has made a name for itself with various results, but to date it is considered the most profitable token on the Binance Launchpad.

The ripple effect from Grayscale's landmark victory has not swayed the bearish Axie Infinity (AXS) long-term holders as the price remains rooted below $5. On-chain data analyses the chances for AXS bulls scaling the $5 sell wall in the coming days.

The Israeli police on Wednesday recommended filing criminal charges against cryptocurrency entrepreneur Moshe Hogeg, who allegedly used $290 million in crypto profits for his own personal benefit.

Axie Infinity (AXS) bulls have fiercely prevented a reversal below the critical $4.50 price support level amid last week's altcoin market downturn. Whale investors have been spotted buying the dip.

Axie Infinity has been named by the Philippine National Police Anti-Cybercrime Group (PNP ACG) as part of its warning to Philippine citizens regarding the diverse strategies employed to extort funds from the cryptocurrency gaming community by crypto games.

Axie Infinity (AXS) bears finally broke down the $6 support level on Aug 12 after nearly a month of multiple attempts. Amid growing bearish momentum, on-chain data examines the bulls' chances of forcing an early AXS price rebound.

After starting the week negatively, the Axie Infinity (AXS) price has rebounded 7%, briefly reclaiming the $6 milestone on Thursday. On-chain analysis reveals the critical data points that could generate bullish momentum in the coming days.

Cryptocurrency exchange Bitstamp has announced its decision to suspend trading of several cryptocurrencies for customers based in the United States starting from August 29th. The move comes in response to recent developments, although the specific reasons behind the suspension were not detailed in the announcement.