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Bear market Week Hits Gaming Tokens in Axie Infinity, Chiliz, and Apecoin


Famous cryptocurrencies that focus on gaming and NFTs, like Axie Infinity, have been hit hard by the ongoing bear market.

Data from Coingecko shows that the overall crypto market lost nearly $8.08 billion in value after a U.S. price report that was higher than expected.During the chaos, some tokens took more of a hit than others.

So over past week, gaming-related cryptocurrencies like Axie Infinity (AXS), Chiliz (CHZ), and Apecoin (APE) have lost at least 8% of their value.

According to data from Coingecko, the price of AXS, the token that powers the famous NFT-based game Axie Infinity, has dropped by more than 13% over the past week.

When you look at the damage over the past month, it’s much worse. CoinGecko shows a drop of well almost 19%. AXS fell 93.9% from its all-time high of $164.90 in November 2021, when it had a bad week.

AXS price has been affected not only by the bearish mood of the market as a whole, but also by the forthcoming token unlock and the constant drop in player count.

Token Unlocks says that on October 25, investors and advisors will be able to get their hands on 21.543 million AXS, which is about 8% of the total supply.

Only 701,447 people have played Axie Infinity in the last 30 days, which is a level that hasn’t been seen since December 2020. Active Player says that nearly 2.78 million people played Axie Infinity at the beginning of the year.

Apecoin, the token that supports the widely known NFT collection Bored Ape Yacht Club (BAYC) and its soon to be released metaverse platform Otherside, has also lost over 8% of its value in the past week.

the price of APE is now $4.30, up from its monthly low of $4.18 earlier today. APE had a bad week because the SEC is still looking into Yuga Labs, the company behind everything at BAYC, for possible violations of securities laws. With the token’s price going down this week, it is now down more than 83% from its all-time high of $26.70 in April 2022.

In other news, Chiliz (CHZ), the token that powers the crypto-sports platform Socios, lost nearly 10% last week. Coingecko data shows that CHZ is down 4.6% today and is worth about $0.17. The coin fell to its lowest price of the week of $0.1671 earlier today before making a comeback. From its all-time high of $0.8786 in March 2021, CHZ has lost 80.6%.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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