Axie Infinity’s network growth spread declines across its ecosystem- Here’s why

AxieInfinity’s network growth spread declines across its ecosystem- Here’s why

The decline did not end with network growth alone, as Santiment revealed that the active addresses were also affected. As of this writing, the active addresses, which spiked on 13 November, dropped to 248.

This position implied that unique deposits on the AXS chain had fallen. So, the interest in the gaming-NFT network was not something investors looked forward to. Additionally, the one-day circulation was 60,100. Based on data by Santiment, the circulation increased to 7.51 million on 22 November. Thismeant that the number of AXS tokens transacted from the past day to the time of writing was rarely used. Hence, it was likely that AXS might not regain better health in the short term.

On further evaluation, the circulation Network-to-Value increased to 2098. This implied that the AXS network valuation was expensive in relation to the AXS’ value, trading at $6.82. So, AXS could be considered overvalued even though it was 95.95% down from its all-time high.Socially, AXS was almost in the same situation as the network growth. At press time, AXS’s social dominance was at aof 0.036%. This implied that there were very few discussions about the gaming token.

In addition, the social volume was in an unsatisfactory position. With a value of one, it meant that AXS was not top in terms of search volumes across the board. Thus, there is not much buzz in the AXS community, as there is no major movement across its network.

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