Axie Infinity Price Up By 35.27% – Time To Buy AXS Coin?

Blockchain-based trading and battling games have become the newest hot spot in the blockchain ecosystem. This has largely been prompted by Axie Infinity which has grown more than 50% in the last two weeks. Given its phenomenal growth and 24-hour rally, several investors are keen to buy AXS for the long term.

Recent price data from Coinmarketcap shows that AXS has risen 159.11% in the last 30 days, and more upside is expected.
Putting aside these impressive returns, you need to understand the fundamentals and value proposition surrounding the blockchain platform before you buy AXS.

Axie Infinity: Pokemon-Inspired Gaming Platform

Axie Infinity is the reincarnation of the famous CryptoKitties, which saw the crypto universe scrambling to meet the massive market demand that followed its release by Dapper Labs in 2017. Similarly, it is also built on the Ethereum network and has made good of an already digital collectibles-crazed community.

Axie Infinity goes way back to 2018 when it was developed by Sky Mavis – a tech-focused game developer based in Vietnam. Founded by the duo of Trung Nguyen and Aleksander Larsen, Axie Infinity is a blockchain-based trading and battling game that is partly owned and operated by its users.

It is inspired by principal gaming characters like Pokemon and Tamagotchi. Players can collect, breed, raise, battle, and trade token-based creatures called Axies.

Each Axie is a non-fungible token (NFT) with varied strengths and weaknesses, and they can be pitted against other Axies in a three versus three battle where the winning team gets more experience points used to level up the Axies’ stats and evolve their attributes. Another means of getting new Axies is for players to breed them by bringing two rare Axies to create new and unique offspring(s) to be used or sold on the Axie marketplace.

Players can choose the form their preferred Axie should assume across 500 different body parts available on the blockchain. This includes aquatic, beast, bird, bug, plant, and reptile parts. These parts are broken down into four rarity scales: common, rare, ultra-rare, and legendary.

Players can also combine various rarity attributes to increase their Axie’s uniqueness and further increase their value.

This play-to-earn game is governed by its native token duly called Axie Infinity Shards (AXS), which enable holders to participate in key governance votes. It also allows users to decide how the Axie Community Treasury funds are to be spent.

AXS Breaking Records With 10x Increase

As we mentioned earlier, Axie Infinity is a reminiscence of the frenzy surrounding the first NFT-gaming platform Dapper Labs. Like how CryptoKitties became an internet sensation overnight, Axie Infinity has replicated the same success, but this time in a much larger sense.

However, AXS did not begin the year with a flying start as it traded at $0.5189. Interests in the Ethereum-compatible token picked up on March 13 when it surged to $5.3023. Aside from temporary volatility, AXS has been on an uptrend making a massive leap to $26.93 on July 15, increasing more than 200%.

It dipped to $14.27 on July 20 before rallying to $49.54 a week later. This was despite the bears still in control of the crypto market.

Entering into August after a brief dip, AXS has continued its stellar performance and is currently trading at $59.21, up 35.27% in the last 24 hours. Given its growing use case and popularity, this remarkable rally has seen several investors want to buy AXS.

AXS Technical And Fundamental Analysis

AXS’ performance on the trading charts is incredibly bullish as the ERC-20 token is trading above the 20-day moving average (MA) support price of $42.2990. The green fat line is still showing that the bulls still have a stronghold on the market. Its long-term prospects are amazingly promising, with the digital asset trading above the 200-day MA at $9.7809. This shows a potential for AXS and maybe a good reason to buy AXS.

Turning to its relative strength index (RSI), it stands at 76.97, thriving in the overbought zone. This shows that many investors want to buy AXS, which would likely self-correct in the coming weeks.

Its fundamentals are strikingly promising. In a recent announcement by CEO Aleksander Larsen, Axie Infinity hit $1 billion in on-chain NFT trading volume. This was on the back of another major win for the community after it recorded 1 million daily active players.

This strong growth saw the blockchain game record 130% growth in three days breaking new all-time highs (ATHs) as it continued its upward climb.

This massive growth has attracted top crypto exchange FTX who recently signed a sponsorship deal with decentralized gaming startup Yield Guild Games (YGG). This collaboration will enable Axie Infinity players with little funds to receive sponsorships.

The deal gives the Sam Bankman-Fried owned exchange naming rights to sponsor 137 players from developing countries. The sponsorship funds are targeted at covering the cost for “breeding” Axies.