In Saturday’s Litepaper, we looked at the three top-performing crypto indices and the worst-performing index over the past seven days.
The NFT Index was last week’s best-performing crypto index for the second week in a row, with an +11.9% gain. If we looked at the NFT index today, it would still be in first place, and it’s up +14.51% over the past seven days – due mostly to Axie Infinity’s ($AXS.X) +40% gain on Sunday.
From a fundamental perspective, analysts attribute the spike to an increase in the governance token AXS: roughly 2% of the entire supply unlocked.
Usually, increases in supply have brought in selling pressure – Axie Infinity is down -10.19% from the intraday high and currently down -0.33% for today.
However, some analysts believe that the selling may be limited because of who received today’s unlocking distribution. Why?
Because today’s unlock was only distributed to wallets earning staking rewards – in other words, people already hodling AXS.
Oh, and here’s a random fact about Axie Infinity:
An article today from Bitcoinist shared a tweet from Loopify that reminded everyone that AXS’s NFT collection is still the largest traded NFT collection:
Axie Infinity still largest traded NFT collection. People are underestimating how big gaming collections will be. pic.twitter.com/0O1z8BYzR8
— Loopify 🧙♂️ (@Loopifyyy) January 14, 2023
At the time of writing, AXS is up over +108% for January 2023 but still down nearly -93% from its all-time high of $171.85. 😱