What happened to AXS price surge?
AXS, the governance token of Axie Infinity, has reached its all-time-high at $49.82 on July 27, rising by 212% in a week. The AXS hype has amazed a lot of crypto traders and investors, and so far, raised the concern of its legitimacy. Is this a good investment, or just a pump and dump project? In this article, Tokenize Xchange would explain the reasons behind AXS price surge and AXS price prediction.
What happened to AXS price surge?
According to Messari, AXS has achieved a year-to-date price return of more than 7,000% compared to BTC’s 33% and ETH’s 212%. Up to now, AXS has been on the list of the best-performing cryptocurrencies in 2021. AXS, the governance token of Axie Infinity, which is the new leader in the NFT gaming market, has reached its all-time-high at $49.82 on July 27, rising by 212% in a week.
Developer Sky Mavis called their game Axie Infinity “a nation with a real economy,” in which users are able to create their own economic policy and implement local governance in a virtual space. The metaverse has got attraction from a great number of players, leading to their revenue toward $120 million in July 2021, surging by 62 times compared to their revenue at the beginning of this year!
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So, what is AXS?
AXS is the Ethereum-based token of Axie Infinity, an NFT-based online game which is created by Vietnamese developer Sky Mavis.
Axie Infinity developers focus on building a play-to-earn model in which players can earn project rewards by playing, win the challenges, and grow the ecosystem. In Axie world, those rewards include two tokens: Axie Infinity Shards (AXS) and Small Love Potion (SLP). Users can exchange their time and effort into real money by exchanging the tokens for fiat on cryptocurrency exchanges like Tokenize Xchange.
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According to an Axie report, many users can earn about $5 per day by playing Axie Infinity, but the income has surged to $20.
Reasons for AXS price surge
The recent AXS price surge results from the popularity of play-to-earn gaming services. In the case of Axie Infinity, an Ethereum-enabled blockchain project, players would adopt, breed, and trade their digital pets among players with AXS tokens.
It has been two years since Covid-19 was declared as a pandemic, forcing hundreds of millions of people to live through lockdowns. Since unemployment rates have skyrocketed and reached their peak during 2020, make-money-online has become a way out for many people who lost their income due to the pandemic. And Axie Infinity has been their lifeline.
For some, the game is just for fun and a bit of pocket money. For others in the Philippines, which accounts for 41% of total downloads of Axie Infinity (29,000 downloads), the play-to-earn game has become an earning. With the income from playing games, people could buy everything, from food, clothes, household items, children’s tuition fees, to motorbikes.
AXS price prediction
The Ethereum-based play-to-earn game has received a lot of positive reactions from the market. According to Token Terminal, Axie Infinity has reached the highest revenue in the past 30 days among all blockchain-based projects with $194.3 million!
According to CoinMarketCap, from the beginning of July, AXS turned its bearish position to a bull trend as a result of a huge increase in trading volume. In the long term, the AXS price prediction for 2021 is still bullish. Consequently, it is highly possible to reach a new ATH this year.
What do you think about the recent AXS price surge and AXS price prediction? Will AXS reach the new ATH? Follow Tokenize Blog for more updates on blockchain-based projects and technology upgrades!
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