Axie Infinity (AXS)
Pioneer play-to-earn NFT game that spawned an entire sector but collapsed under its own Ponzi tokenomics; $625M Ronin bridge hack accelerated the death spiral
Ranked 225th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
AXS scores 76 of 250 across the 25-variable framework, which places it 225th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on Buyback and Burn 3/10, 63rd of 251 and Exchange Depth 5/10, 73rd of 251.
Against the same universe, AXS sits in the bottom third on Smart Money Flows 2/10, 217th of 251, Network Growth 2/10, 215th of 251, Regulatory Safety 4/10, 213th of 251 and Team Execution 3/10, 208th of 251. These are the variables that would have to move for the verdict to change.
Only 64.6% of AXS's maximum supply is in circulation, so 1.55x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 35.4% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
AXS trades 99.46% below its all-time high of $164.90. Recovering that level is a 185.2x move, not a 99.46% one, which is the arithmetic most drawdown charts hide.
The framework score gained 11 points against the previous pass (65 to 76). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 4 | 203rd of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 4 | 213th of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 3 | 208th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Axie Infinity Origins gaining mainstream mobile adoption and classic Axie revival
Principal risk
AXS/SLP tokenomics were Ponzi-structural; 99.3% ATH drawdown reflects the model was never sustainable
Market and supply
| Price | $0.8918 |
| Market cap | $155.6Mrank 191 |
| All-time high | $164.906 Nov 2021 |
| Circulating supply | 174,426,379 |
| Eventual supply (max supply) | 270,000,000 |
| Dilution to full supply | 1.55x |
| Listed on | Binance, Bybit, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to AXS measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinDesk] Ronin Network (Axie's sidechain) suffered a $625M bridge hack by Lazarus Group in March 2022, the largest DeFi hack in history at the time
- [DappRadar] AXS peak DAU was 2.7M in November 2021; by 2025 active players estimated at under 100K
- [CoinGecko] AXS is down 99.3% from its $164.90 ATH with only 51% circulating supply; remaining releases will pressure price
Common questions
- What is the Early Thunder score for Axie Infinity (AXS)?
- AXS scores 76 out of 250 on the 25-variable framework, ranking 225th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are AXS's strongest fundamentals?
- AXS ranks highest on Buyback and Burn 3/10, 63rd of 251 and Exchange Depth 5/10, 73rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the AXS thesis?
- AXS scores in the bottom third of the universe on Smart Money Flows 2/10, 217th of 251, Network Growth 2/10, 215th of 251, Regulatory Safety 4/10, 213th of 251 and Team Execution 3/10, 208th of 251. The single risk carried on the scorecard is: AXS/SLP tokenomics were Ponzi-structural; 99.3% ATH drawdown reflects the model was never sustainable
- How much AXS supply is still to enter circulation?
- 64.6% of eventual AXS supply is circulating today, leaving 1.55x the current float still to arrive. At a flat price per token that is 35.4% of fully diluted value ahead of current holders.
- How far is AXS from its all-time high?
- AXS trades 99.46% below its all-time high of $164.90. Returning to that high requires a 185.2x move from the level used in this scoring pass.
- Which tokens have a similar profile to AXS?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to AXS are API3 (99), GALA (53), GMT (101) and KAVA (80). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for AXS?
- Axie Infinity Origins gaining mainstream mobile adoption and classic Axie revival
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.