Axie Infinity is growing in leaps and bounds with its native token Axie Infinity Shards (AXS) reaching an all-time high of US$18.7 on July 10. In the last 5 days alone, the token marked a 130% increase, according to TradingView.
On May 19, AXS had reached a record low of $1.80. However, on July 7, it reached its then-best of $16.70—a 484% increase in fifteen days. According to BeInCrypto, it has completed five wave bullish forms since June 22.
Axie Infinity is making headlines
The Ethereum-based gaming platform has been making headlines in the last couple of weeks. Just days back, the play-to-earn NFT game hit a new milestone after its Mystic Axie Floor Price bettered the floor price of CryptoPunks.
Axie Infinity’s growing popularity has also made it one of the most sought-after NFT collections. According to DappRadar, it is third on the list of all-time top NFT collections. Moreover, it is the fourth biggest NFT Marketplace, only behind OpenSea, NBA Top Shot, and CryptoPunks.
“This week, Axie generated more revenue than Metamask, Pancakeswap, Synthetix, MakerDAO, and Curve COMBINED,” tweeted Axie Infinity co-founder Jeffrey Zirlin on July 4.
Within 30 days after it switched to the Ronin Sidechain, the platform had witnessed a 500% growth in transactions. An Ethereum sidechain, Ronin is specifically designed for the Axie Infinity community. This means that the users can now enjoy gasless transactions when using the sidechain.
Clearly, Axie Infinity is on a roll! One of the main reasons for its continued success is its self-sustaining economic model. This means that every new player has to buy at least three NFTs to play. In addition, players can earn by breeding new Axies and selling them as well as earn rewards using their tokens.
The game’s play-to-earn model has attracted scores of gamers, reaching as high as 350,000 daily active users. With the platform now investing in the right technologies, Axie Infinity enthusiasts have much to look forward to.