Gaming Tokens in Axie Infinity, Chiliz, and Apecoin Hit by Bearish Week

20 October 2022

in ApeCoin

Reading Time: 6 mins read

After a hotter-than-expected U.S. price report last Thursday, the broader crypto market shed nearly $8.08 billion in value, reports data from Coingecko.

Several tokens were hit harder than others amid the chaos.

Gaming-related cryptocurrencies including Axie Infinity (AXS), Chiliz (CHZ), and Apecoin (APE) have posted substantial losses of at least 8% over the past week.

AXS, the token powering the popular NFT-based game Axie Infinity, has dropped more than 13% over the past week, per data from Coingecko.

The damage is much worse when examined over the past month, with CoinGecko indicating a drop of nearly 19%. The week’s bearish performance pushed AXS down 93.9% from its all-time high of $164.90 in November 2021.

Apart from the broader market’s bearish sentiments, AXS price has also been affected by the upcoming token unlock and the constant declining player count.

According to Token Unlocks, about 8% of the total AXS supply, totaling 21.543 million, is about to be unlocked for investors and advisors on October 25.

As of this writing, the unlocked tokens are worth more than $210 million.

AXS vesting schedule. Source: Token Unlocks.

Over the past 30 days, only 701,447 players interacted with Axie Infinity, levels not seen since December 2020. According to data from Active Player, Axie Infinity had nearly 2.78 million players during the start of the year.

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A thread about Axie Infinity( $AXS) Unlock.

21,543,000 $AXS($233M) will be unlocked in 5 days (October 25th).

It should be noted that Advisors will unlock 2,501,750 $AXS ($27M), and Private Sale will unlock 1,997,500 $AXS ($21.6M). pic.twitter.com/HgNM3mCrym

— Lookonchain (@lookonchain) October 19, 2022

Apecoin, Chiliz join gaming carnage

Apecoin, the token underpinning the popular NFT collection Bored Ape Yacht Club (BAYC) and its upcoming metaverse platform Otherside, has also posted significant losses of over 8% in the past week.

Currently, APE trades at $4.30 after recovering from its monthly low of $4.18 recorded earlier today, per data from CoinGecko.

APE’s bearish week was fueled by the ongoing SEC investigation into Yuga Labs, the company behind all things at BAYC, over potential securities law violations.

The week’s bearish price action now puts the token down over 83% from its all-time high of $26.70 recorded in April 2022.

Elsewhere, Chiliz (CHZ), the token powering the crypto-sports platform Socios, lost nearly 10% last week.

Today, CHZ is down 4.6% and trades at around $0.17, according to data from Coingecko. The coin dipped to its weekly low of $0.1671 earlier today before staging a recovery.