Since rewards for participating in the games and the Axie Infinity ecosystem are now primarily paid in AXS, it is important to analyze how the token is performing during this bear market, where Bitcoin continues to trade around $60,000.
Furthermore, understanding the performance of the Ronin network's native token—the network upon which Axie operates—is relevant because the game functions through direct interaction with that network.
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The Current State of Axie Infinity Tokens
When analyzing the recent price chart for AXS on CoinGecko, we observe a significant surge in the token's price during May, reaching nearly $1.60. The following day, there was a considerable drop, pushing the price down to nearly $1.30—a decrease of $0.30 in a short period.
Subsequently, the token continued to fall, hitting a low of around $0.90 on June 13th; since then, it has hovered around $1.00 per AXS token. One of the primary player reward mechanisms—the Leaderboard—awards 3 bAXS to the majority of players, specifically those ranked between 1,001 and 3,000. This rewards ecosystem participants for completing weekly missions and earning 3 bAXS.
A key detail here is the reward format: players no longer receive AXS directly. Instead, a conversion between bAXS and AXS is required. For players at the lower end of the leaderboard, this entails a loss of approximately 60%; consequently, those 3 bAXS—at the "Atia Seeker" rank—would represent a weekly gain of $1.80. Furthermore, users must factor in conversion fees, which could reduce this amount even further. When people dedicate time to completing missions, it is quite reasonable for them to consider the value of their time; after all, they could be using that same time to watch a series, do freelance work, or anything else...
The current state of NFT games no longer feels like a source of secondary income, but rather about genuinely enjoying the game—turning time you would have spent gaming anyway into a small extra reward. Keep in mind, however, that this involves dealing with the stress of competition to climb the rankings, striving to improve your rank to get a better conversion rate from SLP to AXS, and staying up to date with news to adapt accordingly.
Looking at the long-term chart, we can see that earning 3 AXS—whether in late 2024 or early 2025—was once equivalent to nearly $30. This discrepancy highlights just how difficult the current climate is—not just for Axie, but for the crypto market as a whole; if you analyze any other token, you’ll notice a similar decline. One could argue that now might actually be the perfect time to accumulate tokens while prices are low.
Finally, just as analyzing the reward token is important, examining the token associated with the game's underlying network is also part of the analysis. In Axie's case, the game operates on Ronin—an Ethereum Layer 2 network—and its native token, RON, has been performing very poorly. The token is currently trading at one-tenth of its October 2025 value; even the move to Ethereum failed to boost the token's price, as it now trades at $0.057—down from a high of over $0.60.
This demonstrates that even major projects are facing difficulties right now. Once again, pay close attention to these details, as a crypto game's specific context—its blockchain and reward token—shapes what you can expect from the game. Furthermore, given the market downturn, do not be misled by low figures; the current focus is on survival rather than growth.
