According to data from Coingecko, the crypto market shed nearly $8.08 billion in value after the last U.S. CPI Report was released. That U.S. CPI report was much hotter-than-expected, due to which the broader crypto market shed in value. After this report, several tokens were hit harder, such as Bitcoin, Ethereum, and many others.
Not only have simple cryptocurrencies been affected by this CPI report, but gaming cryptocurrencies are also affected. Last week, the most popular gaming cryptocurrencies, such as Axie Infinity, Apecoin, and Chiliz, posted substantial losses of at least 8%.
According to data from CoinGecko, Axie Infinity, AXS, a popular NFT-based game token, has dropped more than 13% over the past week. Over the past month, it has dropped nearly 19%, and this damage is much worse. After this week’s drop, Axie Infinity is down 93.9% from its all-time high of $164.90 last November. AXS’s price has not only been affected by the bearish market but also affected by the constant declining player count.
According to data from Active Player, during the start of the year, Axie Infinity had nearly 2.78 million players. But now, over the past 30 days, the count of players has left only 701,447. However, according to data from Token Unlocks, it is expected that AXS is going to unlock 8% of the total supply for investors and advisors on October 25. If AXS does this job, there is a lot of chance to recover itself because the value of unlocked tokens is around $210 million.
Apecoin, which is the underpinning of the popular NFT collection Bored Ape Yacht Club, over the past week, has also posted significant losses of 8%. According to data from CoinGecko, APE trades at $4.30 after recovering from its monthly low of $4.18 on the 20th of October. This week’s price took APE down 83% from its all-time high of $26.70 in April.
Chiliz, CHZ token, which powered the crypto-sports platform Socios, has lost nearly 10% over the past week. According to data from CoinGecko, CHZ is down 4.6% and traded at around $0.17 on the 20th of October. This week’s price took CHZ down 80.6% from its all-time high of $0.8786 in March.
