Cryptocurrency

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 in style play-to-earn blockchain sport Axie Infinity was hit by hackers. The hack was deemed to be one of the greatest hacks in crypto historical past totaling $622 million in crypto. Last week, Binance reported that it recovered $5.8m of the stolen $622 million. Similarly, the U.S Treasury included in its Sanctions List, the Ethereum Wallet belonging to the Lazarus Group (the attacker).

However, in 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 gentle of all this?

Are Gamers Still Playing?

Before the hit of 4 April, the AXS token recorded a excessive of $74.68 on 2 April. However following the hack, a massacre ensued inflicting a pointy decline in the worth of the token. Price of the AXS Token fell from $63.49 on 4 April to $42.43 at the time of the writing. This represented a close to 33% decline.

Source: CoinMarketCap

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

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

Also, a have a look at the Money Flow Index (MFI) following the hack advised elevated outflow of cash from the AXS Token. However after hitting a low of 14 on its MFI, it appeared to have taken on an uptrend.

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

1650918317 507 Axie Infinity Almost 20 days after the Ronin hack are

Source: TradingView

A Look Away From Price Charts

A have a look at on-chain knowledge confirmed a slight uptick in the that the Social Dominance of the token. It rose by a mere 2% from 0.121% recorded on 4 April to 0.124% at the time of this press. The Social Volume on the different hand adopted a fluctuating development, recording a excessive on 19 April however presently it at a price one-tenth of its excessive.

1650918317 431 Axie Infinity Almost 20 days after the Ronin hack are

Source: Santiment

Development Activity for the token stood at 0.42 at the time of this press, a place which it touched on 4 April. Also, after recording a excessive every day Active Addresses of 795 on 2 April, it had misplaced over 65% at the time of this writing. Exchange Inflow and Outflow for the token additionally stood at 5292 and 7178 respectively at the time of this press.

1650918318 135 Axie Infinity Almost 20 days after the Ronin hack are

Source: Santiment

Therefore this may be taken as a cautionary story. As the trade continues to develop, stakeholders should be extra cautious as extra scams and hacks proceed to be perpetrated.

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