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AXS Hits New ATH As Axie Marketplace DDOSed For Temporary Shutdown

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Written by   28
11 months ago

Ethereum (ETH) based NFT game Axie Infinity has received increased hype over the past week with its native token Axie Infinity (AXS) breaking its ATH (All-Time Highest) as it recently experiences a DDOS (Denial-Of-Service Attack) on its marketplace Axie Marketplace, temporarily shutting it down. 

Brief Analysis

Before beginning the brief analysis, it is first needed to be noted that there is not a full year provided for the acquired trends coming from the Binance listing of the AXS/USDT (Tether) pair. This pair was listed on the 4th of November 2020, thus leaving a few months for a full year. However, there remains a good amount of trend information to make observations and deduce patterns on AXS's situation and future.

Beginning with the 1-year trend the bullish trend of AXS becomes immediately obvious, and it appears to not be slowing down. AXS begins with a slow steady road below the $1 mark, gradually rising from the beginning. During the middle of February AXS gains some momentum, going above the $2 mark, though dies away at the start of March. However, a new momentum sets in and AXS reaches new heights, going over $10 by the start of May. Mid-May AXS crashes down to its position it got back towards the end of April: around $3.50. Here AXS settles within a resistance between approximately $3 and $5, no exciting action occurring, which is similar with other cryptocurrencies during such a time, including ETH that Axie Infinity is based upon. From the start of July AXS skyrockets to unbelievable heights and is continuing its journey. Throughout the rocket launch, AXS has some dips, but are quickly recovered for an even stronger gain. Such a bullish trend would not last forever, and it would be a question of when the dump will start. However, there is a potential for a sustained price due to the support from its users, a difficulty associated with withdrawing Axie Infinity from the contract associated with investing in its cute Pokémon creatures.

Going into the month trend of AXS, the bullish trend becomes even more obvious. For the start of the trend, AXS remains relatively stable, though it is important to note the scale, between the 21st and 24th of June come to the first sign of a bullish trend from AXS, gradually increasing in price. Beginning July sets new momentum to AXS, and away it goes, up and up, stage after stage. Currently, there appears to have been three stages in AXS's bullish trend, occurring around every 3 days. The 5th, 8th and 11th each have a bullish movement, and from such observations, the 14th of July may see new bullish movement from AXS to complete the pattern. 

In the 1 day trend of AXS, the bullish day rise is seen, followed by its recent resistance. For the first 6 hours, AXS has a bullish rise, going from around $18 to around $20. Thereon AXS stumbles into a resistance zone, no exciting movement occurring from there to now. A few hours ago AXS hit past its ATH, now becoming $21.65. AXS has not moved far from its ATH, down about 50 cents.

The statistics of AXS at the time of writing are as follows:

  • Price - $20.29

  • 24h Price change - $3.04 (+17.64%)

  • 24h low / 24h high - $16.88 / $21.45 (ATH varies due to statistics coming from CoinMarketCap and other ATH from CoinGecko)

  • 24h Trading volume - $1,261,212,913.18 (+93.53%)

  • Market dominance - 0.09%

  • Market rank - 65th

AXS has also become the top gainer over the past 24 hours for the top 100 cryptocurrencies according to market cap. Below is the top 10 24-hour gainers from CoinGecko within the top 100 according to market cap.

The DDOS Attack

The DDOS attack came recently (about an hour ago at the time of writing) that has caused issues with the Axie Marketplace. Those using Axie Infinity or desiring to visit the Axie Marketplace may have soon experienced difficulty in connecting/interacting with the service, and to that, the answer is the DDOS attack. 

No fear is needed for the DDOS attack. It has already been quelled and the Axie Marketplace is functioning back to normal. At the beginning of writing the DDOS was still in motion, but now has subsided. The DDOS attack is defined by the Axie Infinity team as someone intending to spam the server with the aim to make it unusable for its users, clogging up the system to the point where it can function no longer. 

The Axie Infinity estimated that 30 minutes was required for the fix to be made to the DDOS attack. The time has already passed in writing this article and as mentioned earlier, the Axie Marketplace is back online for Axie Infinity asset trades. They also claimed that the funds of Axie Infinity are safe, eradicating any ideas of a rug pull or exploit causing a mass wipe of Axie Infinity assets that would be devastating to the promising ecosystem. 

The tweet is shown below and can be visited here: https://twitter.com/AxieInfinity/status/1414892981883006977

Further Reading

Decrypt - Axie Infinity Up 16% To Hit New All-Time High - https://decrypt.co/75804/axie-infinity-hit-new-all-time-high 

Cryptomode - 4 Reasons To Check Out Axie Infinity And Its Ecosystem - https://cryptomode.com/4-reasons-to-check-out-axie-infinity-and-its-ecosystem/

Axie Infinity - Axie Marketplace - https://marketplace.axieinfinity.com/ 

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Written by   28
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