Earlier this month, Ronin, the Ethereum Sidechain that hosts the favored play-to-earn blockchain sport Axie Infinity was hit by hackers. The hack was deemed to be one of many largest hacks in crypto historical past totaling $622 million in crypto. Final week, Binance reported that it recovered $5.8m of the stolen $622 million. Equally, the U.S Treasury included in its Sanctions List, the Ethereum Pockets belonging to the Lazarus Group (the attacker).
Nonetheless, within the face of rising sanctions, the Lazarus Group continues to accentuate efforts to launder the stolen funds. How has the Axie Infinity token, AXS fared in gentle of all this?
Are Players Nonetheless Taking part in?
Earlier than the hit of 4 April, the AXS token recorded a excessive of $74.68 on 2 April. Nonetheless following the hack, a massacre ensued inflicting a pointy decline within the worth of the token. Worth of the AXS Token fell from $63.49 on 4 April to $42.43 on the time of the writing. This represented a close to 33% decline.
Supply: CoinMarketCap
Equally, the coin have shed over 40% of its market capitalization. It market cap declined from $4.55 billion recorded originally of April to $2.57 billion famous on value charts on the time of this writing.
Additional, a have a look at the MACD for the token introduced elevated distribution from 4 April. This represented a sign that avid gamers and traders alike exited their positions to take revenue following the hack. This was confirmed by the RSI which stood at 31.54 on the time of this press. Recording a excessive of 62 as at 3 April, it has since been on a downward pattern, sustaining a place under the impartial degree.
Additionally, a have a look at the Cash Stream Index (MFI) following the hack instructed elevated outflow of cash from the AXS Token. Nonetheless after hitting a low of 14 on its MFI, it appeared to have taken on an uptrend.
The chance for an upward motion introduced by the Descending Triangle noticed was eradicated as the worth broke the triangle and continued downwards.
Supply: TradingView
A Look Away From Worth Charts
A have a look at on-chain information confirmed a slight uptick within the that the Social Dominance of the token. It rose by a mere 2% from 0.121% recorded on 4 April to 0.124% on the time of this press. The Social Quantity alternatively adopted a fluctuating pattern, recording a excessive on 19 April however presently it at a worth one-tenth of its excessive.
Supply: Santiment
Improvement Exercise for the token stood at 0.42 on the time of this press, a place which it touched on 4 April. Additionally, after recording a excessive each day Energetic Addresses of 795 on 2 April, it had misplaced over 65% on the time of this writing. Trade Influx and Outflow for the token additionally stood at 5292 and 7178 respectively on the time of this press.
Supply: Santiment
Subsequently this may be taken as a cautionary story. Because the trade continues to develop, stakeholders should be extra cautious as extra scams and hacks proceed to be perpetrated.
