However, there were some positive signs as well. According to Dapp Radar, the volume onThis indicated that the users who were still active on the network were becoming more engaged by making transactions. Additionally, the total number of buyers of its NFT collection increased.. This suggested that the NFT collection was becoming more popular among users and that more people were interested in buying and owning these digital assets.
This could be a sign that large holders of the token were losing confidence in the project and were selling their holdings. If this pattern continues, many retail investors could be affected.Another concern for investors would be the MVRV ratio. It increased as the long/short difference declined. This implied that a majority of short-term holders were holding AXS at a profit, and they could sell their holdings in the near future.. This will increase the supply of AXS.