AXS, Axie Infinity’s governing token, surged to $46 highs yesterday.
Analysts attribute the increases to the increased awareness about the project that facilitates gaming. According to Axie World data, Axie Infinity has recorded $196.89 million in earnings in 2021 July and in five days in August.
With around 1 million active customers, the project’s revenue stands at $71.8 million.
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About Axie Infinity
Axie Infinity is an Ethereum blockchain-based metaverse that allows gamers to earn. With this gaming project, players can breed, grow and trade their digital pets, referred to as Axies. The Pokémon mode in this game has attracted gaming enthusiasts from different parts.
AXS, the game’s native coin, serves as Axie Infinity’s default currency. Players use the AXS token to purchase and sell their Axies and paying trading costs. Also, users can utilize the token to vote on the platform’s proposed upgrades.
AXS received a boost from the economic forecasts that increased the demand for the asset. IntoTheBlock, a crypto data firm, stated that AXS holders surged by 400% since 2020 November, from zero to 16,730.
AXS’s price appears range-bound, hovering between the interim resistance at $56.57 and momentary support at $36.48. That saw many market players betting upside moves for the altcoin.
Delphi Digital analysts Jayden Andrew and Jeremy Ong declare that crypto fans can notice the interplay between AXS price and Axie’s returns. That is reasonable since most of the returns came from the platform’s breeding charges paid using the token to the treasury.
That decreased the AXS tokens circulating in the market, translating to a supply squeeze.
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AXS traders receive around 95% of Axie Infinity’s total revenue. Moreover, over 93% of AXS holders enjoy profits for now.
Meanwhile, AXS has been correcting lower since its RSI broke over 70, the overbought territory. That way, buying the token at the moment has more plunging risks.
The AXS token receives increased demand as more players join the gaming platform. That will increase the assets price. AXS seems to be against the general trend in which altcoins trade depending on Bitcoin’s moves due to its dominance.
The gaming token appears to follow its supply and demand, depending on the activities that the gaming site sees.
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