Axie Infinity Drops 4.7% In Last 24 Hours As AXS … – NewsBTC

The cryptocurrency market has been on a tear over the past few days, with Bitcoin leading the charge. However, one altcoin that has not been performing so well is Axie Infinity (AXS). AXS dropped 4.7% in the last 24 hours and is currently trading at $0.19. The altcoin has a market cap of $74 million and a 24-hour trading volume of $10 million. So, what’s causing the drop? Let’s take a look.

Axie Infinity Drops 4.7% In the Last 24 Hours

The virtual pet game Axie Infinity has seen a 4.7% drop in value over the last 24 hours, according to data from CoinMarketCap. This follows a larger trend of decline for the game, which has seen its value fall by nearly 10% over the last seven days.

Despite this recent dip, Axie Infinity remains one of the most popular virtual pet games on the Ethereum blockchain, with over 56,000 active daily users and a total market capitalization of nearly $40 million. The game has also been one of the top dapps on Ethereum in terms of transaction volume over the last month.

axie zone

It is not clear what is causing the current decline in value for Axie Infinity or other virtual pet games like it. However, some have speculated that the recent drop in prices may be due to increased selling pressure from major investors who purchased AXS tokens during the game’s highly successful initial coin offering (ICO) earlier this year.

What is Axie Infinity?

Axie Infinity is a decentralized virtual world where players can breed, battle, and trade fantasy creatures called Axis. The game runs on the Ethereum blockchain and uses cryptocurrency (AXS) to reward players for participating in its economy.

The game was launched in March of 2018 and has since grown to over 30,000 daily active users. In November 2018, the game launched its first major update which included a new PvE mode called “The Arena.” The Arena allows players to earn rewards by defeating AI-controlled opponents.

In December 2018, the game launched its second major update which included a new quest system and a redesign of the breeding mechanic. The quest system introduces a new way for players to earn rewards by completing tasks such as winning battles or breeding Axis.

The Different Types of Axie Infinity

There are currently three different types of Axie Infinity:

1. The original Axie Infinity, which is a decentralized application (DApp) built on the Ethereum blockchain.

2. The new Axie Infinity 2.0, which is a sidechain-based DApp that uses the Ethereum blockchain as its mainnet.

3. The upcoming Axie Infinity 3.0, will be a cross-chain DApp that utilizes both the Ethereum and EOS blockchains.

Pros and Cons of Axie Infinity

The Pros:
-A very new entrant in the world of blockchain gaming, Axie Infinity has managed to make a big splash with its innovative gameplay and adorable monsters.
-One of the most user-friendly games in the space, Axie Infinity is easy to pick up and play, even for those who are new to blockchain gaming.
-With a team of experienced developers behind it, Axie Infinity is constantly being improved and expanded upon, making it one of the most promising games in the space.

The Cons:
-As a young project, Axie Infinity still has a lot of growing pains. The game is often buggy and prone to crashes, especially during peak times.

axie zone
-The game’s economy is still quite unstable, with prices fluctuating wildly. This can make it difficult to get a good return on investment for serious players.

What is the Future of Axie Infinity?

The future of Axie Infinity looks very bright. The team is constantly working on new features and improving the game. In the near future, they plan to release a new version of the game that will be even more immersive and exciting. They are also working on a mobile version of the game so that people can play it on the go.

Conclusion

The digital currency AXS has dropped 4.7% in the last 24 hours, leaving it with a total market capitalization of $1.07 billion. The drop comes as newsBTC reports that the Asian giant Alibaba is preparing to launch its own cryptocurrency. The move by Alibaba could see AXS lose its dominant position in the Chinese market, as well as impact its value negatively.

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