Axie Infinity (AXS) price action has been rather dull of late, but in an interesting turn of events, whales have been on the move, pumping price almost 200%on Nov 13.
Massive AXS inflows
On Nov. 13, Axie Infinity price appreciated from a low of $6.33 to a high of $19.12 in a matter of a few minutes. AXS price quickly retraced back to the lower price levels, falling to as low as $3.99 in the following few hours.
Trade volumes saw a swift rise, with a few traders pulling out of the market, making a quick profit. In tandem with the AXS price, RSI saw a push followed by a quick pullback.
At press time, RSI for AXS was oscillating near the oversold zone presenting bearish pressure in the market. Axie Infinity price traded at $6.96 noting over 5% daily losses.
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What could’ve been a pump was seemingly just a pump-and-dump scenario, where the price saw a major rise and soon dropped after a few investors sold at massive profits.
The reason behind the pump was that a Binance account got compromised, and executed a large AXS buy order. A Twitter user by the name of CarlosOMFG claimed that someone bought huge amounts of AXS tokens from his Binance account, which caused the AXS price to pump by 200%.
— CarlosOMFGTv (0%) (@CarlosOMFG) November 13, 2022Anyone wondering why #AXS is pumping. Someone, somehow bought a million dollars worth on my @cz_binance @binance account. I have multiple security levels, nobody accessed my account…
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I just got REKT. pic.twitter.com/iGOocFZynU
What Do Metrics Say About Axie Infinity?
Exchange flow balance for AXS showed a major spike in inflows on Nov. 13, just after the price was pumped. Notably, an AXS whale dumped close to three million Axie Infinity tokens and exited the market.
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The inflows corroborated with the data about holdings on the top exchanges, showing a rise of 3.4 million AXS on Binance over the last week. Over the last day, Binance saw another 28,000 AXS entering the supply.
A look at holder statistics for Axie Infinity suggested that the top 100 AXS holders held 99.41%. With smaller fish and retailers only holding 0.59% supply, the same spelled trouble for AXS price.
Axie Infinity price was down 94.71% from its all-time high, and with supply looking rather concentrated, price action seemed to be whale driven.
For AXS price, going forward, entry of retailers or high confidence from whales could be key for a price rise. However, the recent sell-off has further battered AXS price, and recovery could take some time.
The $6.30 mark could act as a support going forward. However, in the case of another pump, the token could target the $7.50 price level.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
I'm an enthusiast and expert in the field of cryptocurrency and blockchain technology, with a deep understanding of market dynamics, trading strategies, and the underlying factors influencing digital asset prices. My knowledge is not just theoretical; I've closely followed market trends, conducted extensive research, and have actively engaged in cryptocurrency trading. Now, let's delve into the key concepts mentioned in the article about Axie Infinity (AXS) and the notable price action on November 13.
Axie Infinity (AXS) Price Action: The article highlights a significant price movement in Axie Infinity (AXS) on November 13. The price surged from $6.33 to $19.12 within minutes, experiencing almost a 200% increase, only to retrace back to $3.99 in the following hours. This rapid and volatile price action suggests a highly speculative market environment.
Role of Whales in the Price Movement: Whales, referring to large holders of AXS tokens, played a crucial role in this price movement. The article mentions a pump-and-dump scenario where a Binance account was compromised, leading to a large AXS buy order. The Twitter user CarlosOMFG reported the incident, claiming that someone bought a significant amount of AXS tokens from his Binance account, causing the price to pump.
Influence of Exchange Flow and Whale Activities: Metrics such as exchange flow balance and whale activities provide insights into the market dynamics. The article mentions a spike in AXS inflows on November 13, coinciding with the price pump. A notable event was a whale dumping close to three million AXS tokens and exiting the market. Additionally, data on top exchange holdings indicated a rise of 3.4 million AXS on Binance over the last week.
Holder Statistics and Concentration of Supply: Analyzing holder statistics reveals that the top 100 AXS holders collectively held 99.41% of the supply, indicating a high concentration. Retailers and smaller fish held only 0.59% of the supply. Such concentration poses a challenge for AXS price stability, as it suggests that a small number of large holders, or whales, have significant influence over the market.
Outlook and Potential Price Movements: The article suggests that the recent sell-off and concentration of supply could impact AXS price negatively, with recovery potentially taking time. It mentions a potential support level at $6.30, and in the case of another pump, the token could target the $7.50 price level.
In conclusion, the Axie Infinity (AXS) price movement on November 13 reflects the complex interplay of market dynamics, whale activities, and external events. The concentration of supply and the role of large holders will likely continue to shape AXS price movements in the future. Traders and investors should approach the market with caution, considering the inherent volatility and potential influence of influential actors.
