3 Reasons AXS Price Has Rallied 27% - Time To Buy AXS?

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Axie Infinity has rallied by 27% in the last 24 hours, and according to the latest CoinMarketCap report, there is an additional 6% positive push to the AXS price. Is this the right time to buy Axie Infinity?

About Axie Infinity

Since the start of 2021, the crypto world has been a breeding ground for better innovation. Many of those innovations came to light in the form of play-to-earn games where players were rewarded based on their performance in the game. One such noteworthy innovation on this front is the Axie Infinity game.

The game is a brainchild of a company called Sky Mavis based in Vietnam. Players in these games can compete against each other and collect individual cards representing animated monsters. These virtual creatures, called Axies, fight each other, and the winner gets the rewards in AXS tokens.

The network has two different native tokens where; one is the Axie Infinity Shards (AXS), conventionally known as Axie Infinity, while the other is the small love portion (SLP). AXS yields a great deal of value since it is a cryptocurrency, while the remaining cards are individual NFTs that one can buy and sell in the marketplace within the game. Players can even stake their AXS holdings to earn rewards along with exclusive voting rights on the network.

AXS Price History

Before diving into the reasons for the sudden spike in AXS prices, it is important to glance at the price history of the token. AXS was first available to the public in November 2020 for $0.18. Post this launch, the crypto benefitted from the boom in the crypto sector in early 2021, taking the token’s price to a whopping $10.85 by April 2021.

But the market did not perform very well following this surge until at least the end of 2021. By November 2021, Bitcoin reached a new all-time high, the first and only crypto to breach the price mark of $60k. Besides that, people were now more interested in the play-to-earn model of games, NFTs, and even the Metaverse. This created the ideal atmosphere for AXS to reach new heights and attain a new all-time high value of $160.36. Unfortunately, the token failed to sustain that value and closed the year at $93.30.

As we all know by now, 2022 was one of the worst years in the history of cryptocurrencies. The AXS token started the year at $97.78 in January 2022. But the token soon lost that value following Russia’s invasion of Ukraine in February, bringing the token’s value to $42.11. The token then recovered a bit in March 2022, reaching $74.37 but crashed again in June, reaching a low of $11.92 post the Ronin hack.

However, AXS was still recovering until the crypto behemoth FTX came to an abrupt collapse. These developments brought AXS prices to a low of $5.84 by the 9th of November, 2022. However, the token did recover a bit, reaching $6.45 by the end of November 2022.

As of now, the token is again on a path of recovery, reaching $8.85 on the 6th of December 2022 with a market cap of $1,000,449,772 and a 24-hour trading volume of $689,407,664. The AXS token prices have spiked by over 27% just this Monday, and things might get even better for the crypto in the coming days.

Reasons Behind The Rally of AXS Price

It is always challenging to find definitive reasons justifying the price rise of a crypto token. But some recent developments paint a clearer picture for better interpretation of all data. These reasons include the following:

The Town Builders Announcement: The first important reason behind this spike is the announcement from Axie Infinity about establishing town builders on the platform. This will be a community of veteran players helping out newbies get started on the platform. This has been done further to strengthen the decentralization efforts within the Axie Infinity universe.

Increasing Active Users And Stakers: The recent announcement from Axie Infinity has done an excellent job of creating more opportunities for beginners. Now that beginners know they can avail of better guidance, many are now flocking to the platform. Consequently, the platform has seen a steady increase in active users and stakers, which automatically positively impacts the token’s overall valuation. Even non-gamers are now accessing the wilder crypto ecosystem with Axie Infinity.

The Ronin Network: The third and also one of the most important factors at play here is the growth of Axiwe Infinity in the Ronin network. The Ronin Network is an Ethereum sidechain designed specifically for Axie Infinity by Sky Mavis. Axie Infinity is now the only game operating on the Ronin network, which helps it benefit from steady growth despite all developments in the industry as a whole. Even this has played a key role in attracting more users and players to the Axie Infinity platform.

Conclusion: Is It The Right Time To Invest In AXS?

When it comes to cryptocurrencies, no one can be certain about the precise right time to invest in a token. That said, Axie Infinity has been performing relatively well even when bearish sentiments have overpowered the market. Investing in it right now should not be that bad of an idea as long as you have done your research and due diligence.

That’s where platforms like Dash 2 Trade (D2T) come to shine. This crypto has surged by $200,000 over the weekend, reaching $8.3 million resulting in a price of $0.0533. D2T is also set to its presale dashboard beta very soon with a new competition feature. The leadership team has doxxed themselves, further adding to the transparency of this project.

So, while AXS may be a good project to invest in, the better investment right now is Dash 2 Trade. Visit dash2trade.com to participate in the presale.