Trading in P2E coins collapsed by 98%

The trading volume of the most popular coins from the Play-to-Earn (P2E) industry collapsed by 98% compared to the peak values on the market in the fall of 2021. This is written by The Block, referring to Kaiko Research.

What the data says

Experts say that the drop in trading volume indicates that the activity of traders within the leaders of P2E coins has fallen. These include AXS, SAND, ENJ and GALA.

A leading analyst at Kaiko said that after there was a sharp increase in the popularity of such tokens in 2021, the monthly volume in June decreased by 98%. It has reached only two billion dollars. Last month, the indicator also fell slightly, reaching only $ 1.9 billion.

The expert also noted that the key markets for such coins are Binance and Korean sites. When they were most popular, they were most in demand in the Asia-Pacific region and Latin America.

In her opinion, the main motivation for market participants was a financial incentive. However, in-game rewards have collapsed in value. She gives an example that AXS collapsed by 90%. Other key tokens showed almost the same drop.

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