Axie Infinity ($AXS) Price Up 22% In Last 24 Hrs; Here’s Why

Best In

Trending Tokens

Earn

Telegram

Newsletter

Axie Infinity ($AXS)

Axie Infinity (AXS), the second-largest crypto game token by market capital, surged 22% to over $72 after developer Sky Mavis outlined plans to improve community governance in the eponymous game and progressively decentralize its economy.

Reaction to the news was largely positive, helping AXS reach a two-month high. The token also saw trading volumes surge to nearly $2 billion. Launched in 2018, Axie Infinity is one of the most popular play-to-earn games. The game revolves around minting Ethereum-based NFT creatures, and battling with them.

Axie Infinity  to bolster community governance

In an official blog post, the developer said it intended to implement measures that will eventually unlock AXS’ nearly $2 billion treasury to the community. It laid out a three-phase plan for moving the game into a fully-decentralized model, which will increase staking rewards and encourage community participation.

The proposal also included plans for AXS burning cycles to maintain stability- a move that is expected to largely benefit the token’s price.

Sky Mavis is also set to roll out a large-scale update to Axie, called Origins, by the end of March. Anticipation of the update has also supported AXS in recent weeks.

To clarify, we’re still aiming to get Origin out by end of the month. It’s cutting close but our engineers are working non-stop to polish and fix bugs. Shipping a very complex and quality product is hard. Engineers out there may empathize with this. We’re pushing!

Philip La, Game Product Lead at Sky Mavis

Gaming tokens in the spotlight

Recent forays by top crypto exchange FTX, as well as PUBG developer Krafton into the crypto gaming space has seen tokens rally in the past week. AXS is sitting on a 7-day gain of 44%, and is the second-best performer this week.

Yuga Labs, creator of the Bored Ape Yacht Club NFT collection also said it was developing a metaverse game. The NFT giant also launched a token, ApeCoin, which has rapidly shot up in the ranks among popular gaming tokens.

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story