The token underpinning the Axie Infinity gaming ecosystem, AXS, posted a new 52-week low of $8.58 earlier today, according to data from Coingecko.
Last week wiped almost $200 million from the token’s market capitalization. As of this writing, AXS has a market capitalization of $890 million, down from $1.13 billion just seven days ago.
According to data from coinglass, AXS futures positions totaling $5.1 million have been liquidated over the past week.
Of those liquidations, roughly 37% were short positions, with the rest coming from blown-out long positions.
The week’s bearish performance pushed AXS down 93.2% over the last year and 94.8% from its all-time high of $164.90 in November 2021.
The damage has worsened over the past month, with Coingecko indicating a drop of nearly 34.6%. The coin’s value has halved over the past 30 days.
After staging a modest recovery, AXS trades at around $8.62 as of this writing and is the 61st-largest cryptocurrency by market capitalization