The cryptocurrency market is notorious for high volatility. Cryptocurrencies are always gaining significant value and then plummeting to unbelievably low prices. Axie Infinity and WEMIX are the latest coins to lose almost all their value as the newcomer Snowfall Protocol (SNW) continues to make waves in the crypto market.
In today’s post, we look at why Snowfall Protocol (SNW)continues to attract investors and also dig deeper into the reasons behind the collapse of Axie Infinity and WEMIX.
Snowfall Protocol: Promoting Cross-Chain Interoperability
Snowfall Protocol (SNW) is a multi-token protocol designed to facilitate cross-chain asset transfers.
Snowfall Protocol (SNW) aims at eradicating the technical barriers that make it difficult to send communication from one blockchain to another. With the Snowfall Protocol, users of MVM and non-EVM compatible blockchains can send fungible and non-fungible assets across the blockchains.
Snowfall Protocol (SNW) has continued to cement itself as a formidable force in the blockchain and cryptocurrency sector as the project moves closer to the end of its presale. Millions of Snowfall Protocol coins have already been sold and investor interest in the coin continues to increase by the day.
Axie Infinity
Axie Infinity is an NFT-based online video game popular for its in-game economy. Players in Axie Infinity collect Pokémon Esque creatures known as Axies. Axie Infinity players breed and raise Axie Infinities, and even send them to battle and build kingdoms.
In January 2022, Axie Infinity has about 2.7 million players on its platform. The number of players has since plummeted to about 750,000 active players.
The decline of Axie Infinity and other play-to-earn platforms on the metaverse can be attributed to the skewed dynamics in those platforms. Axie Infinity and other such games leverage the powerful economic opportunities of a strong gaming community.
Such communities create demand for monetized collectibles. However, when the sellers become the majority of the community, the supply and demand balance on the platform collapses.
Although Axie Infinity has had a rough year overall, the platform has lost more than 25% of its value in the last 4 months. The $625 Ronin hack also played a role in the decline of Axie Infinity in 2022.
WEMIX
WEMIX is the native token of Wemade co. a south Korean blockchain game developer. WEMIX has lost more than 70% of its value after the Seoul Central District Court dismissed the request by Wemade to stop 4 cryptocurrency exchanges from delisting the WEMIX coin.
Upbit, Coinone, Bithumb, and Korbit had earlier announced that they had delisted WEMIX sighting earlier misreported circulation numbers of WEMIX. The four exchanges combined, account for more than 94% of cryptocurrency trade volumes in South Korea.
The exchanges also reported that would support the withdrawal of WEMIX tokens up to January 5, 2023.
Things don’t seem to be looking up for WEMIX since then as global cryptocurrency exchange OKX also announced that it will be delisting WEMIX from its platform.
Final Word
Most cryptocurrencies have suffered price reductions in the bear market of 2022. However, coins like WEMIX and Axie Infinity have suffered a major blow as they have each lost more than 70% of their value. Snowfall Protocol (SNW), on the other hand, has been rising every day and experts predict a bright future for the coin after its official launch.
Learn more about Snowfall Protocol in the following links
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin