Pyramid is money flows up a hierarchy, Ponzi is money flows from new participants to old participants, in practice there is barely a distinction. The price of

Pyramid is money flows up a hierarchy, Ponzi is money flows from new participants to old participants, in practice there is barely a distinction. The price of the Axie coin is only supported by new buyers (by definition) and coins being sold are nothing more than early adopters cashing out. Any crypto "going to the moon" has this dynamic, coins being sold at 10,000% ROI is ponzi, early adopter paid by a late adopter, the person who bought at the top has already lost their money. I guess Axie may be both, since there is also a multi-level dynamic.