Axie Infinity AXS crypto is down 98% from all-time highs of $164. As the P2E token approaches $1, investors are turning to the viral Solaxy project. After raising over $57 million, SOLX is up 38% in 4 days after DEX listing.
It has been a challenging four-year journey for Axie Infinity (AXS).
During the 2020-2021 crypto boom, many believed would become a top 10 coin. Prices surged from under $0.20 to highs of $164 by late 2021.
However, 2022 brought a crypto-wide price crash, pushing Bitcoin below $16,000 from a peak of $69,000.
As the digital gold plummeted, AXS and even some of the best cryptos to buy were not spared.
AXS Crypto Crashing
AXS crypto is currently trading around $2, fluctuating between $2.15 and $2.28 in the past 24 hours.
Notably, for holders who couldn’t sell earlier and realize losses, AXS is down 98% from its all-time high.
Worse still, there’s a high chance AXS could drop below critical support, edging closer to $1.
From a neutral perspective, Axie Infinity exemplifies the pitfalls of the play-to-earn (P2E) model.
Unsustainable economics through SLP and AXS distribution, failure to adapt, poor timing, and unsuccessful pivots have left AXS holders bearing the consequences.
Why Is Axie Infinity Selling Off?
To understand what broke AXS, we must examine how Axie Infinity operates.
It’s a P2E platform distributing AXS and SLP tokens to players. Unfortunately, these tokens are listed on most exchanges, allowing players to quickly liquidate them for cash.
This model has proven to be its Achilles’ heel. The monetization approach has triggered a constant token supply. Combined with slow user growth and market cycles, AXS has been trending lower, grossly underperforming Bitcoin and even some top Solana meme coins.
Additionally, the highly anticipated listing of the Axie Infinity: Origins game on the Apple Store has been a major disappointment. The card game remains accessible to Apple users in Argentina, Colombia, Peru, Mexico, Malaysia, Vietnam, and a few other Southeast Asian countries.
It’s free to play, but Apple takes a 30% cut from Sky Mavis, the developer of Axie Infinity. Apple also restricts the use of NFTs purchased outside its app store.
Two years later, the game has a 3.1 rating from 120 users. Based on reviews, user activity remains low, and player numbers have continued to decline since its release.
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Attention now shifts to their next game, Axie Infinity: Atia’s Legacy. Interested gamers can register for a chance to win AXS from the 25,000 AXS pool created by Sky Mavis.
Solaxy Goes Viral, SOLX Up 38% in 4 Days
While AXS crypto struggles, investors are rapidly turning to Solaxy.
SOLX could be the next token to explode, given its strong performance in the four days since its launch on June 23.
Coingecko data shows SOLX is up 38% from its all-time low, demonstrating resilience against selling pressure.
(SOLXUSDT)
The SOLX listing follows a successful presale that raised over $57 million. Interest continues to grow as SOLX trades on multiple DEXes, including Uniswap.
Solaxy is developing the first Solana layer-2 platform to alleviate congestion on the Solana mainnet during high-demand periods, reduce trading fees, and maintain high scalability.
Currently, over 40% of the SOLX total supply has been burned.
Another MASSIVE burn. ?
We’ve just burned 20,000,000,000 $SOLX, further tightening supply ahead of mainnet.
This follows our previous 35B $SOLX burn, bringing the total burn to 55 BILLION $SOLX – That's ~40% already burned!
View here: https://t.co/0izmHfkIJv
Less supply.… pic.twitter.com/Q7rIj0BCbc
— SOLAXY (@SOLAXYTOKEN) June 19, 2025
On June 26, Solaxy released its mainnet for testing.
? Solaxy Dev Update #17 — June 26, 2025
Mainnet has officially been deployed. Testing is live. Here’s what’s happening:
• ? Mainnet bridge (via Hyperlane) in end-to-end testing
• ? Igniter & Neptoon interfaces coming together fast
• ?️ Cantina bug bounty underway — top… pic.twitter.com/lAp4uCslnT— SOLAXY (@SOLAXYTOKEN) June 26, 2025
Users can test the Solana bridge via Hyperlane and explore the Igniter Protocol and Neptoon interfaces.
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The mainnet is set to launch on July 7, alongside the block explorer and the Solana-to-Ethereum bridge.
