Axie Infinity (AXS) hits ATH as Ethereum-based NFT game explodes
Axie Infinity (AXS) has had an intense week, trading above $ 5 on July 1st. In just one week, after two consecutive two-day rallies, the price broke $ 19 yesterday to hit an ATH at $ 19.52. Currently, AXS is down 5% to the $ 16 region, but the coin’s weekly stats are superb: 118% against the US dollar and 119% against Bitcoin in just one week.
With AXS peaking on the seven-day price chart, many traders wish they could have known earlier in the week that the asset was going to explode. Even if the future is unpredictable, a solid understanding of historical precedents can be helpful in spotting opportunities early on if you want to spot patterns that previously generated huge profits.
Axie Infinity is a Pokémon-inspired open world game for Windows, Mac, iOS, and Android in which players raise, train, and battle adorable little coded monsters called “Axies”.
The game was released in late June and now has over 250,000 daily active players. Most expensive Axie ever sold for 300 ETH, or about $ 633,000 for today’s price.
The AXS governance token was introduced last November through a sale on Binance. AXS stands for “Axie Infinity Shards”; The game rewards the player with administrator rights through in-game missions and HODLing AXS.
AXS is an ERC-20 token, which means that it is a fungible Ethereum token, not unlike MANA or SAND – the native tokens of game competitors Decentraland and The Sandbox. These ERC-20 tokens are different from Axies, which are non-fungible tokens. This means that each of the more than 1 million Axies NFTs is unique.
The increase came after a turbulent week for tokens. Just yesterday, the top 3 blockchain game tokens AXS, MANA and SAND collapsed after a seven-day rally of highs.
SAND / USDT (left) and MANA / USDT (right). Source: TradingView
At the time of writing, Sandbox’s SAND token is at $ 0.47, down 8% over the past 24 hours, while Decentraland’s MANA token is still up around 10% and despite the drop is at 0, $ 75 is trading from a seven-day high of $ 0.84.
Blockchain gaming is a niche market with various economic and technological barriers to entry, but this week’s increased interest could point to a bright future.
According to the AZCoin News