Why is Axie Infinity going up: AXS rallies by 50% in two weeks

Play-to-Earn (P2E) has become one of the most popular concepts in the blockchain and crypto sectors. The crypto gaming industry grew substantially in 2021, which is expected to spill over into 2022.

Axie Infinity (AXS/USD) is a pioneer in the P2E sector. The game has a global reach, and its success has demonstrated the potential of the P2E sector. Now, Axie Infinity is planning a major launch, which is triggering major gains for AXS.

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Axie Infinity makes major gains

During the past two weeks, the price of AXS has gained by 46%. These gains have coincided with a notable recovery in the broader cryptocurrency market. At the time of writing, AXS was trading at $66.65, according to CoinGecko, after a slight gain in 24 hours.

The price of AXS started a bullish outlook on March 14, as expected developments led to traders speculating that price gains were on the way. Following these gains, AXS reached a high of $73. Despite these notable gains, AXS is 59.4% below its all-time high of $164 created last November.

Developments on Axie Infinity

One of the reasons causing AXS gains is the expected launch of Axie Infinity Origin. Origin is a new version of the popular Axie Battles game. Origin will have new game features to boost the player experience. It will also offer free axies to new players.

This update will also come with new in-game items like rune and charms. These will require users to burn the Smooth Love Potion (SLP) tokens. SLP is the native token given as reward to players on the platform.

These developments are leading to a rise in the number of users on Axie Infinity, which is currently above 207,000. The popularity of the Ronin network is also triggering gains for AXS. Ronin is an Ethereum sidechain developed for Axie Infinity by Sky Mavis.

Currently, Axie Infinity is the only game on Ronin. However, the Ronin network is among the top three Ethereum bridges in total value locked. Ronin’s TVL stands at around $3.4 billion. The TVL is expected to continue growing as more decentralized applications are launched on the network.