Main navigation

Axie Infinity Suddenly up 25%, What's Happening?

Mon, 12/05/2022 - 09:52
article image
Tomiwabold Olajide
Axie Infinity (AXS) is likewise demonstrating gains of 27.65% over past seven days
Axie Infinity Suddenly up 25%, What's Happening?
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

AXS, the native token of Axie Infinity, a blockchain-based game in which players purchase fantasy creatures called Axies and then pit them against each other in battles, suddenly gained 25% in about an hour.

At the time of publication, AXS was up 26.32% at $8.51. The crypto token was likewise demonstrating gains of 27.65% over the past seven days.

The price jump also coincides with an increase in trading volumes, with traders taking advantage of the recent volatility to capture profits.

AXS has also moved up in the crypto market rankings and is now the 50th largest cryptocurrency with a market capitalization of $813 million. The Axie Infinity community is delighted after a recent positive announcement by the blockchain-based game.

Axie Infinity (AXS) Rallies for 10% Following Rise of GameFi Industry

As shared by "Artic," an Axie Infinity missionary, "Today, a group of over 600 dedicated and impactful community members have been gathered together to help shape the future of Axie Infinity."

Axie Infinity decentralization in progress

Earlier this year, the Axie Infinity team revealed how it intended to progressively decentralize Axie Infinity.

The team stated its plans to actively work toward an end-state in which "invested" community members — that is, those with effort or meaningful contributions — would be responsible for making resourcing decisions around the Axie Infinity ecosystem.

Axie Infinity explains its steady progress with its plans in a blog post. In May, the Axie Infinity "Town Builders," a collective of well-established community members, was established. In October, Syntax and Akhil were elected as Town Builders by the founding Town Builder team.

Today, it announced that it has chosen 700 community members to join the inaugural pilot "season" of the Axie Contributors, who would partake in a newly created "Governance" section on Axie Infinity's Discord.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.