In recent market developments, the popular gaming token Axie Infinity ($AXS) has made a big stride forward with a 40% gain in the last 24 hours. With this bull run, $AXS reached a four-month high of almost $14. As per the latest data, about $104 million is locked in open contracts in perpetual futures tied to the $AXS token. This figure was reached after an increase of over 150% in the last day.
This suggests that new money and funds are coming in for the token. Therefore, $AXS has taken a major turn towards the bullish end. On the other hand, it was revealed that around 4.80 million $AXS tokens are about to be unlocked. It makes up 1.8% of the coin’s total supply. Such unlocks are believed to trigger a bearish trend in any token. However, it was not the case for $AXS.
Axie Infinity ($AXS) Rides High – Will its Bull Run Sustain?
Many experts believe that the uptrend of Axie Infinity ($AXS) is caused by the announcement of a new gaming project from Jeffrey Zirlin. The game is very similar to Axie Infinity, and it is expected to attract a large number of players from across the globe. Another contributor to the token’s rise was the addition of Homeland to the game.
After a massive breakout at the start of the week, $AXS’s price came a little down in late trading hours. It is currently trading at $12.23. With a market cap of over $1.22 billion, the token is now among top 50 cryptocurrencies in the world. The token is significantly green across daily and weekly changes. Within January, the price of Axie Infinity ($AXS) has seen a 100% growth.
Despite having a mere 432,000 active gamers in the last month, the growth of $AXS was surprising. Previously, the game had over 2 million users until May 2022. Thus, analysts believe that the crypto market is marking a growing positive sentiment around gaming tokens in the past few days. Therefore, $AXS was the beneficiary of this trend.
Several other coins like GMT and FLOW have also gained majorly in the market. Nonetheless, the increase in the price of $AXS has received very positive engagement across the coin’s social media handles. It shows that the Axie community is backing the token for more success in the future.
u.today
1
thecryptobasic.com
