Axie Infinity: Here's why the coin was in trouble even before the $625M Ronin hack | Coinparative
Coinparative

  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀
No Result
View All Result
  • About Us
  • Contact
  • jeet-detector-bot
    JDB(JDB)
    $0.00-0.61%
  • bitcoin
    Bitcoin(BTC)
    $0.00-0.43%
  • ethereum
    Ethereum(ETH)
    $0.000.870%
  • usdex-stablecoin
    USDEX(USDEX)
    $0.00-0.53%
  • tether
    Tether(USDT)
    $0.00-0.04%
  • binancecoin
    BNB(BNB)
    $0.001.63%
  • usd-coin
    USD Coin(USDC)
    $0.00-0.02%
  • ripple
    XRP(XRP)
    $0.00-0.68%
  • binance-usd
    Binance USD(BUSD)
    $0.00-0.08%
  • cardano
    Cardano(ADA)
    $0.000.160%
  • dogecoin
    Dogecoin(DOGE)
    $0.002.25%
  • matic-network
    Polygon(MATIC)
    $0.003.93%
  • okb
    OKB(OKB)
    $0.004.76%
  • solana
    Solana(SOL)
    $0.000.810%
  • staked-ether
    Lido Staked Ether(STETH)
    $0.000.900%
  • shiba-inu
    Shiba Inu(SHIB)
    $0.0013.78%
  • polkadot
    Polkadot(DOT)
    $0.002.20%
  • litecoin
    Litecoin(LTC)
    $0.000.390%
  • avalanche-2
    Avalanche(AVAX)
    $0.000.670%
  • tron
    TRON(TRX)
    $0.00-0.90%
View All
Coinparative
Home Market Market analysis

Axie Infinity: Here’s why the coin was in trouble even before the $625M Ronin hack

April 2, 2022
in Market analysis
250 2
A A
0
Axie Infinity: Here’s why the coin was in trouble even before the $625M Ronin hack
Share on FacebookShare on Twitter

Axie Infinity’s Ronin bridge went through a $625 million exploit yesterday in which over 173.6k ETH and over 25.5 million USDC were stolen. Going forward, this incident is expected to bear deleterious effects on the network. But in reality, it would only be another addition to the already diminishing bullishness noticed over the last few days.

Axie Infinity before the hack

The exploit from 23 March is the biggest known crypto hack in history, even surpassing Mt.Gox’s $450 million Bitcoin exploit from 2014. But while the exploit occurred only a week ago, the state of on-chain metrics shows that the Ronin network and Axie Infinity (AXS) have been facing bearishness from traders and investors, respectively, for a while now.

In the case of the Ronin bridge and wallet, the last three months have been particularly terrible for the network. The daily active users had been declining ever since the figures peaked in July 2021, but as of the last two months, monthly active wallet users haven’t even crossed 18k.1

Not only have the users been absent, but the wallet hasn’t seen a significant addition of any new users either. The total wallets created throughout this month were a mere 4.9k, which is a fraction of its peak of 418k.

Furthermore, when it comes to the Ronin bridge, except for the 173k ETH and 25.5 million USDC that was stolen on 23 March, the net flows have been mostly leaning towards outflows when it comes to ETH, USDC and SLP. In the case of Ethereum, the outflows have ranged from 100 ETH to 125k ETH, worth $426 million on 14 February. Similarly, Smooth Love Potion has observed over 310 million SLP leaving the bridge in many instances.

The only altcoin that managed to bring inflows was AXS, but on the investor front, AXS isn’t looking too great either.

The announcement of the hack yesterday night led to some significant selling from AXS holders, which led to the network noting transactions worth $3.64 billion in 24 hours. To put the figure into perspective, know that AXS’ average daily volume sits in the range of $23 to $60 million.

In fact, the sell order from yesterday was also generated by long-term holders who currently occupy about 31% of the supply. In doing so, these LTHs consumed 3.64 billion days.

As noted above, the investors have already begun panicking, which is not a good sign for the already falling price of Axie Infinity.

Source: AMBCrypto

Share196Tweet123Share34Pin44ShareSend

Related Articles

Maker [MKR] could witness a 10% hike, traders can set a stop loss below…
Market analysis

Maker [MKR] could witness a 10% hike, traders can set a stop loss below…

February 4, 2023
1.4k
Avalanche [AVAX] investors on tenterhooks as trend reversal looms
Market analysis

Avalanche [AVAX] investors on tenterhooks as trend reversal looms

February 3, 2023
1.4k
Chainlink [LINK] dropped to a key support level – Will it hold?
Market analysis

Chainlink [LINK] dropped to a key support level – Will it hold?

February 3, 2023
1.4k
Key levels for Solana bulls and bears to plan their next moves
Market analysis

Key levels for Solana bulls and bears to plan their next moves

February 3, 2023
1.4k
Is Aptos over-extended or can we prepare for the next leg upward?
Market analysis

Is Aptos over-extended or can we prepare for the next leg upward?

February 2, 2023
1.4k
Binance Coin breaks above $320 with conviction; where to next?
Market analysis

Binance Coin breaks above $320 with conviction; where to next?

February 2, 2023
1.4k
Load More

Discussion about this post

Coinparative

2022 © All Rights Reserved.

Coinparative specializes in the digital News and research on cryptocurrency, Digital Assets and Blockchain

  • Advertise
  • Privacy Policy
  • Terms
  • About Us
  • Contact

Follow Us

No Result
View All Result
  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀

2022 © All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
DON’T MISS OUT!
Subscribe To Newsletter
Be the first to get latest updates and exclusive content straight to your email inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.