Over the past months, Axie Infinity emerged as the top dApp, as per the cumulative protocol revenue gathered in the previous months.
To start with, Axie Infinity (AXS) gained massive attention as a blockchain game, similar to Cryptokitties. In this game, people can trade and breed unique characters serving through a decentralized platform, Ethereum blockchain in particular.
Since it is popular for its free-to-play model, several blockchain gamers are showing positive responses to it, not to mention the consistent rise of AXS prices.
Axie Infinity beats competitors as top dApp
The blockchain-based game sits atop its rival protocols including PancakeSwap, MetaMask, MakerDAO, and more.
“To compare, the revenue generated by Axie Infinity is roughly four times that of PancakeSwap and more than seven times MetaMask,” Fxstreet.com said.
Aside from this, it also rose at the top of gas consumed charts.
AXS hints pullback after all-time high
As of July 13, AXS price plummeted to $18.50 from its all-time high of $19.69. Three weeks ago, it rallied 539%.
In such cases, investors and market enthusiasts should observe caution. Based on the Momentum Reversal Indicator (MRI), a steep market correction could arise.
This depicts that a “one-to-four candlestick correction is likely” to happen. In the next weeks or months, predictions say that it could drop down to $8, an approximately 52% correction.
However, if its popularity and hype in the market will continue, this conundrum could be bypassed. This will particularly depend on the market sentiment and the so-called “fear of missing out” (FOMO) because of the overwhelming increase in AXS price.
If AXS continues to flex its muscle, a record of another all-time high on a bullish note could actually happen.
Image courtesy of Cointelegraph News/YouTube