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Here’s Why The Axie Infinity Price Has Pumped 24% in a Week

12/09/2022
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Axie Infinity, a blockchain gaming token, is one of the cryptocurrency assets seeing massive gains as the crypto market gradually returns to green after weeks of uncertainty due to the FTX breakdown. AXS’s weekly chart shows double-digit gains, with the price increasing by 24% in the last seven days.

AXS is a play-to-earn cryptocurrency game. Axie Infinity is essentially a Pokémon-like game that uses public blockchain NFTs and the AXS currency, both of which may be used as in-game assets or exchanged outside the Axie Infinity ecosystem.

Axie Infinity’s native token, AXS, which allows players to buy fantasy creatures called Axies, increased by 24% over a week. In addition to the price increase, there has been an increase in trading activity due to traders profiting from the recent volatility. AXS, which has a market valuation of $842 million, has also risen in the ranks of cryptocurrencies and is currently the 50th biggest cryptocurrency in the world.

However, the blockchain-based game Axie Infinity has recently made a remarkable statement, one of the key factors that kept the AXS prices higher. According to “Artic,” an Axie Infinity missionary, “today, a group of over 600 devoted and significant community members have been gathered together to help build the future of Axie Infinity.”

The current price of Axie Infinity is $8.37, with a 24-hour trading volume of $197 million. Axie Infinity had a 0.15% increase the day before. Axie is now ranked #50 on the market, with a market capitalization of $842 million.

It has a total supply of 270,000,000 AXS coins and a circulating supply of 100,564,114 AXS coins.

Axie Infinity Latest Update “Axie Core”

Axie Infinity has generated some excitement in the cryptocurrency industry due to an update to the project’s strategy for the future. The Axie Infinity team outlined the “Axie Core” idea on Monday.

Axie Infinity’s future roadmap featured information on character accessories, breeding, and avatar images focused on collectability to foster emotional ties to the company.

As a result of the good market reaction to this news, AXS surged from $7 on Sunday to over $9 on Tuesday.

Axie Core is the Axie experience that is eternal and not tied to one particular game; it’s the universal Axie experience and aesthetic,” Substack writes. “The goal of Axie core is to strengthen the emotional bond between you and your axies.”

Decentralization of Axie Infinity is Progressing

Another important factor supporting the Axie Infinity coin price is the Axie team’s positive statement. Axie Infinity recently announced its “Axie Contributor Initiative,” which will promote its progressive decentralization strategy with the Axie community by forming an “Urban Planning” team, community councils, decentralized community treasury governance, and other initiatives.

As a result, AXS’s weekly chart showed double-digit increases, with its price increasing by 24% in the last seven days.rogressing:

Therefore, the recent initiative that has increased trading activity and the token’s price may provide the much-needed boost for a better new year for the native token of Axie Infinity.

Bearish Crypto Market & Stronger US Dollar

The cryptocurrency market has been flashing red since the start of the day, weighed down by mounting concerns about an interest rate hike.

In comparison, the global crypto market value was $840.28 billion, a 1.60% decrease in 24 hours. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies, are now worth more than $16,000 and $1,200, respectively.

Other cryptocurrencies, such as Dogecoin (DOGE), Litecoin (LTC), and Solana (SOL), have declined. So, the bearish crypto market was seen as one of the main things that kept Axie Infinity coin prices from going up even more.

Furthermore, the gains in the Axie Infinity coin may be limited by the recovering US dollar, which recouped some of the previous day’s losses as investors pondered the direction of Federal Reserve policy amid simmering concerns that high-interest rates will trigger a recession.

IMPT Presale Ends Soon

IMPT is another coin that has recently seen high prices and just reached the $14 million milestone, raising hopes that the currency would soar above and above all expectations in 2023. With only six days left before it ends officially, the IMPT presale has now raised more than $16.5 million in total.

The IMPT presale has focused on achieving objectives ever since it began in October. Before going on to $2 million in five days and $5 million in a fortnight, it raised $150,000 in the first 24 hours, $1 million in the next 72 hours, and then $2 million in the following five days.

IMPT powers Impact System, a blockchain technology that allows for the purchasing and selling of carbon credits. The IMPT is likely to become a well-liked new cryptocurrency once ESG trading gets off. Additionally, users of the web can fund international initiatives for environmental sustainability. All transactions make use of the IMPT token.

There is a lot of interest in IMPT because of the platform’s expanding affiliate networks. And its pre-sale up to this point has been really outstanding. IMPT has now raised more than $14 million after completing two of the three presale phases.

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Source: https://insidebitcoins.com/news/heres-why-the-axie-infinity-price-has-pumped-24-in-a-week