The price of the native Axie Infinity token, AXS, more than doubled in just three trading days, amid speculation that will forever revolutionize the blockchain-enabled gaming industry.
AXS / USD hit a record $ 32.69 on Friday, up 31.28% intraday and about 131% from its Tuesday low of $ 14.09, adding the pair to the list of top performing digital assets in a period to date his 2021 income is now over 5,000%.
Axie Infinity’s massive upward moves appeared as a play-to-earn service due to its growing popularity.In detail, the Ethereum-enabled blockchain project is a Poké-Mon-like game in which players adopt, raise and trade digital pets called Axies in the form of non-fungible tokens.
The Axie Developer, Heaven mavis, called the game “a nation with a real economy” that enables people to shape economic policy and practice local governance in a metaverse. The virtual environment has gained traction among Internet users, so total sales closed at $ 120 million in July compared with $ 1.92 million earlier this year.
Delphi Digital analysts predict that Axie’s sales will reach around $ 153 million by the end of July and $ 1.1 billion by the end of 2021.
What is AXS?
Axie developers focus on developing a game model that is a profitable gameIn this way, the project rewards players for the effort and time they put into both playing and growing the ecosystem; any functioning ecosystem needs tokens to transfer value. In Axie’s case, two assets fulfill this role: Axie Infinity Shards (AXS) and Small Love Potion (SLP).
Players earn SLP through Axie PlayLater you can exchange the token for fiat money, enable a system in which the playing time is converted into an hourly wage per person.Â Axie reported that many of their players were making $ 5 a day with Axie, but revenue rose to $ 20 recently.
Play-to-earn is basically productive farming, only it’s prettier and appeals to a wider base of people
that’s it, that’s the tea
to???? 0xElle (,) (@ 0xElle) July 23, 2021
In the meantime, AXS acts as the settlement currency within the Axie Infinity ecosystem, using trading, governance, and buying and selling fees from Axies. their owners receive 95% of the total Axie Infinity incomejust like a government that receives tax revenue from its citizens.
Sky Mavis owns approximately 20% of the total supply of AXS tokens.
The proposal has helped fuel demand for AXS despite an ongoing downtrend across the industry. The Axie Infinity token has brought more than 18,000% of the benefits to its investors.
AXS pricing techniques
The most recent AXS rally also went back to an industry-wide rally. Led by Elon Musk’s revelation that his space technology company SpaceX owns Bitcoin (BTC)It also promised that Tesla will resume the Bitcoin payment option for its electric vehicles once the flagship cryptocurrency switches to green energy solutions for mining.
Bitcoin’s under $ 30,000 rebound has sent altcoins on a similar retracement trajectory, AXS benefits from thisHowever, the Axie Infinity token saw better short-term gains than its digital asset competitors amid the euphoria surrounding its gaming project.
Tech-wise, AXS’s recent upward move caused it to break above its parabolic resistance. The cryptocurrency now has $ 24.07 as preliminary support as it contemplates moving towards its next potential upside targets at $ 36.48, $ 56.57, $ 76.65, etc.
Conversely, falling below $ 24.07 exposes AXS to lower levels at $ 19.78, $ 16.40, and $ 14.03, respectively.
Increase the trading volume and market confidence of AXS®
Likewise, VORTECS data from Cointelegraph Markets Pro saw a bullish outlook for AXS on Friday ahead of the recent price hike.
In detail, the VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, movements, recent prices and Twitter activity.
As can be seen in the graphic above, the VORTECS score for AXS turned green for the first time on Friday at 00:15 UTC, then AXS prices began to rise. It hit 78 four hours before the price hit a high of $ 32.14.
At the time of writing, the VORTECS score for AXS is 65. sunksuggesting that conditions remain favorable for further upside potential.
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