Axie Infinity: Almost 20 days after the Ronin hack, are investors still wary of AXS

Earlier this month, Ronin, the Ethereum Sidechain that hosts the favored play-to-earn blockchain recreation Axie Infinity was hit by hackers. The hack was deemed to be one of many greatest hacks in crypto historical past totaling $622 million in crypto. Final week, Binance reported that it recovered $5.8m of the stolen $622 million. Equally, the U.S Treasury included in its Sanctions List, the Ethereum Pockets belonging to the Lazarus Group (the attacker).

Nevertheless, within the face of rising sanctions, the Lazarus Group continues to accentuate efforts to launder the stolen funds. How has the Axie Infinity token, AXS fared in mild of all this?

Are Avid gamers Nonetheless Enjoying?

Earlier than the hit of 4 April, the AXS token recorded a excessive of $74.68 on 2 April. Nevertheless following the hack, a massacre ensued inflicting a pointy decline within the worth of the token. Value of the AXS Token fell from $63.49 on 4 April to $42.43 on the time of the writing. This represented a close to 33% decline.

AXS 1649026800 1650927599 graph coinmarketcap

Supply: CoinMarketCap

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Equally, the coin have shed over 40% of its market capitalization. It market cap declined from  $4.55 billion recorded initially of April to $2.57 billion famous on worth charts on the time of this writing.

Additional, a have a look at the MACD for the token introduced elevated distribution from 4 April. This represented a sign that players and buyers alike exited their positions to take revenue following the hack. This was confirmed by the RSI which stood at 31.54 on the time of this press. Recording a excessive of 62 as at 3 April, it has since been on a downward pattern, sustaining a place beneath the impartial degree.

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Additionally, a have a look at the Cash Move Index (MFI) following the hack urged elevated outflow of cash from the AXS Token. Nevertheless after hitting a low of 14 on its MFI, it appeared to have taken on an uptrend.

The chance for an upward motion introduced by the Descending Triangle noticed was eradicated as the value broke the triangle and continued downwards.

AXSUSDT 2022 04 25 08 17 33

Supply: TradingView

A Look Away From Value Charts

A have a look at on-chain information confirmed a slight uptick within the that the Social Dominance of the token. It rose by a mere 2% from 0.121% recorded on 4 April to 0.124% on the time of this press. The Social Quantity however adopted a fluctuating pattern, recording a excessive on 19 April however at the moment it at a price one-tenth of its excessive.

Axie Infinity AXS 09.07.47 25 Apr 2022

Supply: Santiment

Growth Exercise for the token stood at 0.42 on the time of this press, a place which it touched on 4 April. Additionally, after recording a excessive every day Energetic Addresses of 795 on 2 April, it had misplaced over 65% on the time of this writing. Change Influx and Outflow for the token additionally stood at 5292 and 7178 respectively on the time of this press.

Axie Infinity AXS 09.35.46 25 Apr 2022

Supply: Santiment

Subsequently this may be taken as a cautionary story. Because the business continues to develop, stakeholders must be extra cautious as extra scams and hacks proceed to be perpetrated.

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