The popular play-to-earn game, Axie Infinity, is reaping headlines as its native AXS token is thriving. The AXS token’s value spiked with a 25% increase in the last 24 hours, even amid a market recovery.
The AXS token is trading at a price of $8.89, at press time. Among the top 100 cryptocurrencies, this turns out to be the biggest gainer in the past 24 hours.
The majority of Metaverse and NFT-focused tokens are surging with Flow (FLOW), Apecoin (APE), and Sandbox (SAND) also performing remarkably well.
The price surge of AXS is due to the spike in the trading volume of Axie Infinity. Since the last few weeks, the Axie Infinity trading volume has risen to a peak of $48,000. This indicates more activity inside the Axie Infinity ecosystem, according to CryptoSlate data.
Despite the fact that the AXS token still has a long way to travel from its all-time high (ATH) of $164.90 in November 2021. Today’s price spike may be the start of a great rebound toward its ATH.
But AXS short bets worth more than $2 million have been closed over the past 24 hours as a result of the recent price increase. This was expected as the community wants to take advantage of the price movement amid the bear market.
The Axie Infinity team is also aiming to progressively decentralize the platform. Axie Infinity announced on December 5, 2022, that over 700 committed community members had gathered to help the company define its future.
Axie Infinity stated,
As progress is made on the decentralization continuum, actions like council formation, resource allocation, on-chain voting, and treasury activation will be unlocked.
Axie Infinity (AXS) currently ranks 50th among all cryptocurrencies, with a market cap of just under $880 million.