Axie Infinity Shard (AXS) - the main currency of the popular game Axie Infinity, used for breeding and staking new Axies. The price of the token showed a sharp decline, which is associated with a future unlock. During the day, the cost fell by 12%.
More than 21,500,000 AXS tokens are scheduled to be unlocked by the end of October. It is possible that traders are trying to start this process in advance, as they feel the pressure of sellers.
According to TokenUnlocks, part of the unlocked AXS will be divided between developers, advisors and early investors. The other half goes to distribution through staking rewards and sending to ecosystem funds.
If all unlocked tokens were sold, advisors and private sale participants would put a selling pressure of 4,484,668 AXS (~$39 million) on the market.
The co-founder of Axie Infinity tweeted that the unlock follows a separate release schedule that is more flexible and can be tailored to user numbers. Also, he noted that unlocked tokens are often confused with tokens in circulation.
Previously, other news, related to the Axie Infinity project, was released:
