AXS is now at 0.98 u; its all-time high hit 164.9 u, down by more than 99%

The coin originally got popular back then by the model of earning tokens through playing games. Later, this gameplay was proven to be a Ponzi scheme: players mine and then sell, and the price simply couldn’t hold up.
For the past two years, the project team has been changing things—cutting the old mining mechanism and also working on a new game to pull people back in.
But the problem is that the supply is too concentrated: the top 100 wallets hold 97% of the amount. Retail investors don’t have much. This coin basically can’t develop its own momentum—when the broader market rises it rises, and when the broader market falls it falls even harder.
The drop over the past few days is mainly due to the tense situation in the Middle East; the market is broadly de-risking, which has little to do with it specifically.
Around 1 u, there have been bids these days, but issues like unlocks and the exchange-related margin adjustments are still pending, so things aren’t easy in the near term.
To turn itself around, this coin still depends on whether the new game can truly bring people back; emotion alone can’t hold it up #AXS $AXS