Axie Infinity is almost extinct due to the bear market of 2022. In the same year, interest in NFTs refusehit Axie Infinity hard.
according to CoinGeckoThe token has experienced growth in almost all time frames with the biggest being the bi-weekly time frame with a gain of 48%.
But recently, the game has faced some problems. according to activeplayer.ioAxie Infinity is having trouble keeping players, with the game returning to the level of November 2020. However, the latest development may cause AXS to rise again.
On-Chain Drive Axie Advances
On December 28, the devs released Axie Infinite: Homeland, the game’s flagship land-based experience. This release can only be played by landowners which is a core part of the game. The alpha release will be used by developers to gather feedback and explore new features.
1 / It’s here.
We’re excited to introduce the alpha release of Axie Infinity: Homeland, our flagship land-based experience!
Guide your ax as you harvest, craft, fight, and build your way to a stronger and better homeland.
📜| https://t.co/EF7HcUeptS pic.twitter.com/C8VUvDgFE2
— Infinite Axie | #AxieOrigins, #AxieHomeland (@AxieInfinity) December 28, 2022
As an alpha release, this is part of a larger development timeline as detailed elsewhere tweet. The current release has basic features like idle battles, trading, and leaderboards.
Ecosystems will too discharge $63 million worth of AXS is next. It will be seen how the market can react with the release of Homeland and unlock a huge amount of tokens in the long-term.
1 / It’s here.
We’re excited to introduce the alpha release of Axie Infinity: Homeland, our flagship land-based experience!
Guide your ax as you harvest, craft, fight, and build your way to a stronger and better homeland.
📜| https://t.co/EF7HcUeptS pic.twitter.com/C8VUvDgFE2
— Infinite Axie | #AxieOrigins, #AxieHomeland (@AxieInfinity) December 28, 2022
At $11.90, What’s AXS Selling?
At the current price, AXS bulls are trying to consolidate above the token’s $11.95 support which, if successful, will allow AXS to have enough momentum to overcome the $12.30 resistance.
But with the release of a large amount of AXS tokens next week, we can see the token go above $12.30 and consolidate there.
Image: The Mediaverse
The release of this token, however, could trigger a sell-off that could push the price of AXS back to the $11.10 support. A clear timeline of the development of Homeland can give investors confidence in the direction of the game.
The price drop that will occur as more tokens become available could also be an opportunity for investors and traders to get into AXS at a discount.
AXS total market cap at $1.1 billion on the daily chart | Chart: TradingView.com
The token price movement in the coming days will be marked by short to medium term volatility with a possible sell off when the token is released.
However, on-chain developments should be able to overcome a slightly bearish outlook in the short to medium term.
Investors and traders will then have to monitor how the tokens react when the unlocked tokens hit the market. AXS bulls can also watch Bitcoin price movements as they may have an impact on future price movements of the token.
Featured image by Fiverr