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Axie Infinity's AXS Spikes 22% This Week, Here's What Many Missed

Sun, 12/11/2022 - 13:06
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Gamza Khanzadaev
AXS is most profitable token of week, this is what led up to it
Axie Infinity's AXS Spikes 22% This Week, Here's What Many Missed
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Axie Infinity's AXS has become the most profitable crypto asset of the week among the hundred largest of them, according to CoinMarketCap. Over the last seven days, the token has gained 22%, and at one point it was up 52%. AXS price is currently at the spring/summer 2021 levels, where they were before their rise of almost 2,000% to the all-time high of $170 per token.

There are several reasons for such positive price action in a rather cautious and apathetic crypto market. Some of them are directly related to the project, but there are also some not so obvious ones.

The introduction of Axie Core has had an undeniable impact on AXS' price action. The new mechanic will add NFT accessories to the game, which will expand personalization options for players as well as increase its economy. On the news of the innovation, the transaction volume in Axie decentralized apps rose 1,061% to $10.5 million.

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GameFi market redistribution

The collapse of BNX, the GameFi token of the BinaryX project, a few days earlier, could be considered an indirect cause of AXS' rise. It can be assumed that after BNX's price had fallen by more than 50%, some of the players and their money migrated to Axie Infinity and AXS, all the more so given their major announcements.

AXS to USD by CoinMarketCap

Interestingly, the hard fall in BNX price came on the back of the rumors of big sales by the project of its tokens that were circulating around AXS back in November.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.