The number of Active Addresses on the Axie Infinity network nearly doubled within 24 hours, according to on-chain data. This surge in activity was dominated by large holders, a sign analysts often associate with accumulation. Meanwhile, the AXS token gained over 15% in price during the same period.
Network activity for Axie Infinity expanded rapidly, with data from Santiment showing the number of active addresses almost doubling compared to the previous day. *“That’s not a gradual surge by a sudden spike,”* the report noted regarding the movement in on-chain metrics.
Supply data indicated most of this recent activity came from large holders, specifically wallets containing between 10,000 and 100,000 AXS. The report stated that such dominance by larger players typically signals accumulation rather than short-term speculation.
This suggested increased confidence in current price levels among substantial AXS holders. At the time of reporting, AXS prices had gained more than 15%.
The combination of surging active addresses and large-holder dominance pointed toward a potential continuation of bullish momentum. A brief consolidation was seen as possible but not necessarily a trend weakener, especially as the token’s Stochastic RSI had bounced from an oversold region.
“For now, Axie Infinity appears supported by more than just price action,” the analysis concluded. It suggested the on-chain signals indicated intent, which often precedes a price extension.
