Axie Infinity (AXS) game token skyrockets 40% in just 24 hours

In recent market developments, game tokens are popular Axie Infinity (AXS) has made great progress with a 40% gain in the last 24 hours. With this bull run, AXS hit a four-month high of nearly $14. As per the latest data, around $104 million is locked in an open contract in the perpetual future associated with the AXS token. This figure was reached after experiencing an increase of more than 150% in the last day.

This indicates that new money and funds are coming in for the token. Hence, AXS has taken a big swing towards a bullish end. On the other hand, it was revealed that around 4.80 million AXS tokens will be unlocked. It makes 1.8% of the total coin supply. Such an open is believed to trigger a bearish trend in any token. However, this is not the case with AXS.

Axie Infinity (AXS) Rides High – Will His Bull Run Survive?

Many experts believe that the uptrend of Axie Infinity (AXS) is caused by announcement of a new game project from Jeffrey Zirlin. The game is very similar to Axie Infinity, and is expected to attract a large number of players from around the world. Another contributor to the token rise is the addition of Homeland to the game.

After a massive breakout earlier in the week, AXS’s price dipped slightly in late trading hours. Currently trading at $12.23. With a market capitalization of over $1.22 billion, this token is now among the top 50 cryptocurrencies in the world. The token is green significantly throughout the daily and weekly changes. In January, the price of Axie Infinity (AXS) has grown 100%.

Despite only having 432,000 active gamers in the last month, (prior to that, the game had over 2 million users as of May 2022), AXS’ growth has been staggering. Thus, the analyst believes that the crypto market is signaling the positive sentiment that is developing around gaming tokens in recent days.

Some other tokens like GMT and FLOW also made a big profit in market. Despite this, AXS’ price increase has received very positive engagement across the coin’s social media accounts. This shows that the Axie community supports the token for more success in the future.