Axie Infinity: Here’s why the Crypto Game Token Surged 25% today

Paigambar Mohan Raj
Source: The Whale Journal

Axie Infinity is one of the most popular blockchain-based games in the world. The game’s native crypto token, AXS, is currently the biggest gainer in the last 24 hours, rallying by 25.6% in the last 24 hours. Moreover, AXS has made gains of up to 26.9% in the weekly charts.

Source: Coingecko

Earlier this year, the Axie Infinity team disclosed its plans to decentralize the platform. The recent surge comes after the company published a new blog on how it will further decentralize its operations.

Over 600 members gathered to help shape the future of the gaming platform. The ultimate objective is to empower the group to take on the duty of assisting one another in furthering the aim of the community through self-organization.

Other Axie Infinity developments

According to CoinGlass, around $20,000 in AXS short trades were liquidated in the past 24 hours.

Source: CoinGlass

Axie Infinity’s trade volume has reportedly varied over the past several weeks between $18,000 and $48,000, according to CryptoSlam. Despite today’s gains, AXS’s 2022 has been difficult. From its all-time high of $164.90 in November 2021, AXS lost roughly 94.8% of its value.

Apart from Axie Infinity, other NFT and metaverse tokens also witnessed gains. The Ethereum-based currency designed for the Bored Ape Yacht Club (BAYC) ecosystem, Apecoin (APE), has increased by about 4% over the last day. The SAND token, which powers The Sandbox’s virtual real estate concept, increased by 6.7% in the last 24 hours.

The increased sales volume over the past 24 hours is likely the main factor influencing the upward price behavior of metaverse and NFT-related coins. Data from CryptoSlam indicated that overall NFT sales volume increased by 20.75% over the previous day to a little over $16.5 million.

Daily trading volumes for Ethereum-based NFTs, in particular, increased by 31.36%, followed by Flow with a 16.28% increase.

At press time, Axie infinity (AXS) was trading at $8.54, up by 0.7% in the last hour.