Axis Robotics' AXIS token experienced a sharp decline following a report of large token sales linked to a team-controlled wallet. On October 29, 2026, eight days after the token's October 21 launch, AXIS fell approximately 40% in a single day.
On-chain investigator ZachXBT identified the trigger: more than 76 million AXIS tokens were withdrawn from a multisig wallet controlled by the Axis Robotics team. At the time, these tokens were worth more than $12 million. According to ZachXBT's findings, approximately 42 million AXIS tokens were sold within a 24-hour window, primarily on decentralized exchanges on Base, the Ethereum layer-2 network where AXIS operates. The remaining tokens were transferred to Bitget, a centralized exchange.
The proceeds from the sales were converted into upwards of 5.04 million USDC and distributed across various wallets.
Market reaction and price trajectory
AXIS dropped from an all-time high of around $0.361 to approximately $0.14 following the report.
Axis Robotics' response
Axis Robotics disputed claims that insiders conducted the sales, stating that no team or investor tokens had been sold. Instead, the project attributed the transactions to an over-the-counter counterparty that allegedly breached a lock-up agreement and subsequently dumped the tokens.
The project emphasized its tokenomics structure: 165 million AXIS tokens, representing 16.5% of the 1 billion total supply, entered circulation at the token generation event. The remaining 835 million tokens, or 83.5% of supply, are held in a vesting contract managed jointly with Binance. This contract requires signatures from four out of six designated keyholders before any tokens can be moved.
AXIS token specifications
AXIS is an ERC-20 token on Base with a fixed supply of 1 billion tokens and no inflation mechanism.
Outstanding questions
The discrepancy between ZachXBT's findings and Axis Robotics' explanation centers on how tokens reportedly subject to a lock-up agreement were freely tradable within days of launch. The episode has drawn scrutiny regarding the project's multisig structure and the enforceability of its lock-up agreements.
Key points for observers include whether Axis Robotics identifies or pursues the OTC counterparty, whether it discloses wallet addresses and deal terms, and whether the vesting contract remains untouched.
