As the Axie Infinity[1] market attempts to recover from the effects of the Ronin hack, Sky Mavis’ Chief Operating Officer (COO), Alexsander Larsen, has come forward to take complete responsibility for the events that transpired on the night of 23 March.
Axie Infinity losers panicking still
However, while the accountability is appreciated, it won’t be able to replace the $625 million investors lost during the hack. But the company is doing its best to reimburse its investors and even managed to raise $150 million in funds to compensate for the loss.
Regardless, the panic that spread throughout AXS investors since that night is worsening as the coin continues to lose value not only in terms of price but also as an investment option due to the receding market value of the same.
The MVRV ratio of the coin, which was already dropping since the beginning of November, fell to its lowest on 13 March but was seen to be recovering soon after.
Alas, its journey was cut short by the hack’s announcement, and the following fall created the lowest point for AXS in over a year. Inching closer to the neutral zone, AXS does not appear to be in a good position.
Axie Infinity MVRV ratio | Source: Santiment – AMBCrypto[2]
Coincidentally the HODLing sentiment investors had for AXS also diminished as investors rushed to sell. As mentioned[3] in a previous analysis by AMBCrypto, the hack triggered the long-term holders (LTHs), who, out of sheer panic, ended up consuming 21.78 billion days.
But it still doesn’t take away from the fact that now might be just as good a time as any since AXS is displaying positive signs for an entry at the moment.
Trading at $52.29, AXS has
