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The blockchain-based game Axie Infinity brought in only $988,400 in revenue last week, the first time the play-to-earn game had less than $1 million in revenue since February 2021. During the week of August 8, 2021, Axie Infinity’s revenue hit a peak of more than $215 million. Starting from November 2021, due to the imbalance issuance and burn mechanism of Axie Infinity’s in-game tokens, the devaluation of tokens has inhibited players’ enthusiasm to continue to play the game, resulting in a gradual decline in Axie Infinity’s revenue.
Bitcoin is down 2.15% over the last 24 hours and fell to an intraday low of $29,218.96. The largest cryptocurrency has been trading between $29,218.96 – $31,589.60, indicating substantial volatility in the market. The relative strength index (RSI) on the daily chart is still around the 50 neutral mark, suggesting neither bulls nor bears have accumulated enough momentum. The Crypto Fear and Greed Index is still showing the market is in extreme fear territory, which means that the recent relief rally has not strengthened the market sentiment.
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