In recent market developments, the popular gaming token Axie Infinity (AXS) has made a big stride forward with a 40% gain in the last 24 hours. With this bull run, AXS reached a four-month high of almost $14. As per the latest data, about $104 million is locked in open contracts in perpetual futures tied to the AXS token. This figure was reached after an increase of over 150% in the last day.
This suggests that new money and funds are coming in for the token. Therefore, AXS has taken a major turn towards the bullish end. On the other hand, it was revealed that around 4.80 million AXS tokens are about to be unlocked. It makes up 1.8% of the coin’s total supply. Such unlocks are believed to trigger a bearish trend in any token. However, it was not the case for AXS.
Axie Infinity (AXS) Rides High – Will its Bull Run Sustain?
Many experts believe that the uptrend of Axie Infinity (AXS) is caused by the announcement of a new gaming project from Jeffrey Zirlin. The game is very similar to Axie Infinity, and it is expected to attract a large number of players from across the globe. Another contributor to the token’s rise was the addition of Homeland to the game.
After a massive breakout at the start of the week, AXS’s price came a little down in late trading hours. It is currently trading at $12.23. With a market cap of over $1.22 billion, the token is now among top 50 cryptocurrencies in the world. The token is significantly green across daily and weekly changes. Within January, the price of Axie Infinity (AXS) has seen a 100% growth.
Despite having a mere 432,000 active gamers in the last month, (previously, the game had over 2 million users until May 2022) the growth of AXS was surprising. Thus, analysts believe that the crypto market is marking a growing positive sentiment around gaming tokens in the past few days.
Several other tokens like GMT and FLOW have also gained majorly in the market. Nonetheless, the increase in the price of AXS has received very positive engagement across the coin’s social media handles. It shows that the Axie community is backing the token for more success in the future.