Based on cumulative protocol income produced over the last month, Axie Infinity has surpassed all other dApps to become the #1 dApp.
This blockchain game has topped the gas consumption statistics due to its popularity and usage.
As red flags appear, implying a retreat, the AXS price consolidates around its all-time high.
Axie Infinity has blasted the competition out of the water, becoming the highest-grossing dApp in terms of cumulative protocol revenue over the last month. Its rise has left even the most popular dApps in the dust, illustrating its recent popularity.
Axie Infinity, a protocol based on the Ethereum blockchain and inspired by CryptoKitties, is a blockchain-based trading and breeding game. One of the reasons for its widespread popularity is that it uses the enormously successful free-to-play concept.
The protocol has surpassed PancakeSwap, MetaMask, and MakerDAO to claim the title of highest-grossing dApp in terms of total income. Axie Infinity’s revenue is nearly four times that of PancakeSwap and more than seven times that of MetaMask.
Chart of dApp revenue over time
Over the last three hours, it has risen the ranks to become the top gas-consuming protocol, surpassing Uniswap v2, Shiba Inu, and Uniswap v3.
The Axie Infinity protocol has gathered around 150 ETH ($305,621) in fees in the last 24 hours. This large number indicates that individuals are actively participating in the game.
Chart of Gas Consumption
The current price of AXS is $18.50, slightly below the all-time high of $19.69. The price of Axie Infinity has risen 539 percent in the last three weeks, an exponential increase. Massive explosions like this are usually followed by a sharp correction.
The Momentum Reversal Indicator (MRI), which has flashed a sell signal in the form of a red ‘two’ candlestick, lends validity to this notion. A one-to-four candlestick correction is probable based on this setup.
If this happens, the price of AXS might fall by 26% to $13.58, which is an immediate support level. The price of AXS might drop another 21% to $10.73 if investors continue to book profits.
In a negative scenario, the price of Axie Infinity might drop to $8.79, a 52 percent drop from its present level.
As a result, market participants must be cautious.
1-day AXS/USD chart
While a correction is the obvious result, market mood, enthusiasm, and FOMO can occasionally overshadow it. If this occurs, the price of Axie Infinity will very certainly continue to rise and retest its all-time high of $19.69.
If a crucial daily candlestick closes above this level, the bullish view will be invalidated, and AXS might set new all-time highs./n
