Polkadot and Axie Infinity Are Stuck In A Bearish Cycle While Everlodge Set For Meteoric Rise
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The presale of Everlodge has emerged as a highly profitable investment option in 2023. Therefore, investors are overwhelmingly investing in this new project, and locking its presale tokens.
In fact, holders of Polkadot (DOT) and Axie Infinity (AXS) have also been shedding their tokens to add this new project to their investment portfolio.
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The latest announcement by Lido Finance has caused panic in the Polkadot (DOT) community. Recently, Lido Finance stated that it will withdraw all staking services for Polkadot (DOT). This has made investors worried about Polkadot (DOT). Therefore, Polkadot’s (DOT) market value has moved downward despite witnessing network growth.
The trading price of Polkadot (DOT) has declined by more than 5% over the past 30 days. As a result, the market value of Polkadot (DOT) has plummeted to $5.00. Earlier, the data from Santiment showed that Polkadot (DOT) has topped the list of crypto projects with the most development activity. But this has failed to support the price of Polkadot (DOT).
The latest data from Santiment has revealed that the total AXS supply held by top Axie Infinity addresses has plummeted by 6% over the last year. According to experts, the growing bearish sentiments around Axie Infinity (AXS) have been the primary reason behind the decline in whale transactions.
LunarCrush’s data shows that bearish sentiments around Axie Infinity (AXS) have intensified by a staggering 86% in the past year. Development activity on Axie Infinity (AXS) has also plunged during this period. Moreover, the number of new Axie
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