Axie Infinity Shows a Bullish Tendency: Tweets LunarCrush

• LunarCrush tweeted that Axie Infinity had bounced off its bear market.
• Till the previous day, AXS had been exhibiting continuous drops in its price.
• Soon after the unlock event, the coin started showing a hike in its price

The social intelligence for crypto, NFTs, and stocks, LunarCrush, posted on its Twitter account that Axie Infinity, an NFT-based online gaming platform, had begun showing a positive tendency toward the bull market, exhibiting a sudden hike in the coin’s price amidst the bearish period.

LunarCrush tweeted that the gaming platform had been socially active today as “AXS bounces off its bear market”. The tweet added that Axie Infinity Shards (AXS) had hit an “Alternative Rank” of one, out of the top 3,953 coins across the crypto market:

Since November 2021, the whole crypto space had been severely affected by the long crypto winter. Axie Infinity, like any other coin, had been battered by the bearish market over the past few months.

As per the graph, it is clear that the coin price had been showing significant growth over the past 24 hours despite the lowest bearish prices it exhibited during the last weeks.

Yesterday, it had been noticed that the coin had witnessed a massive drop in its price with a 52-week low of $8.58, marking a 13% drop.

Earlier today, amidst the continuous bearish trends, the token exhibited a bullish pattern with a price of almost $9.28. One of the major reasons for the sudden hike is the recent unlock event of the coin that circulated over 21.5 million tokens.

Significantly, the unlock event helped increase the total supply of the coin which was at 103 million before the event. After the event, the supply increased by almost 8%, boosting the coin’s value.