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26 July 2021

Axie Infinity (AXS) axes almost half its value following 971% bull run

Axie Infinity (AXS) axes almost half its value following 971% bull run


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A supersonic rally in the Axie Infinity market that saw its native token AXS surge by 972% in just 23 days is now risking exhaustion.

AXS/USD showed signs of rebound at $16.38, a level that coincides with the 61.8% Fib level that—in turn—constitutes a Fibonacci retracement graph made from $23.98-swing high to $4.07-swing low.

Just last week, Axie Infinity raked in over $84M in fees in the last 30 days, more than Bitcoin and Ethereum made in protocol revenue, and more than all the top decentralized finance apps, including PancakeSwap, MetaMask, MakerDAO, Synthetix, and others.

Moreover, while AXS can be exchanged on other platforms, 97% of its volume comes from the Axie Marketplace, a dedicated portal to trade digital pets, which, in turn, passes the fees to the Axie Treasury.

According to Axie World, the Treasury now holds about $23.42mm in marketplace fee and $76.15M in breeding fees (fee charged to breed digital pets).

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