Over the last 4 weeks, Axie Infinity’s native token has appreciated over 300% as the gaming platform started going mainstream with its play-to-earn business model which allows gamers on the platform earn AXS tokens as rewards for their time spent on the platform. Today, the AXS token created a new all-time high of $74.45 as altcoins post double-figure gains over the last 7 days.
Axie Infinity was created in 2018 by Sky Mavis, a technology-focused game developer with a team primarily based in Vietnam. It was co-founded by Trung Nguyen and Aleksander Larsen.
AXS a month ago was trading around $17 and today, the token has created a new ATH of $74.45, representing a 337% gain in just 4 weeks.
As of today, the platform has generated a revenue of approximately $143 million. Compared to July, it is on track to surpass the revenue generated of approximately $197 million as the platform has generated 72.6% of the revenue generated in just 10 days in August.
Another reason for the rise in the price is the altcoin market rally. Many say the market is moving back into a bull run. Over the last month, the altcoin market capitalization according to coinmarketcap reveals an appreciation of 33.5% from $754 billion a month ago to approximately $1 trillion as of today with major altcoins like Ether, BNB, ADA, XRP and Dogecoin all posting double-digit gains in the last 7 days.
Axie Infinity, just a few days ago hit 1 million daily active players and it became the First NFT project to hit $1 billion in trading volume, indicating significant demand for the gaming token. Although great, the platform clarified through their Twitter page that some players download the game client without owning Axis which means that there are still less than 1 million Axie owners.
After the launch of the London Hardfork upgrade on the Ethereum network, the Axie Infinity platform has been responsible for 1,521 ETH burned since the launch of the upgrade. This translates to approximately $4.8 million of burn ETH on the network using ETH current market price of $3,150. Axie accounts for the third-highest token burn, only behind OpenSea and Uniswap V2.
Investors are advised to apply the dollar cost averaging technique when it comes to investing in cryptocurrencies as the market is a very volatile one. AXS as of the time of writing this report is trading $71.05, up approximately 57.77% for the day but down by 5.14% from its ATH.