AXS Skyrocketed 130% In One Week After $2B Being Staked In Axie Inifity

AXS skyrocketed 130% in one week after it saw a $2 billion being stoked on Axie Infinity, reaching an all-time high following the 130% weekly surge as we reproted in our altcoin news.

The interactive game Axie Infinity attracted nearly $2billion worth of the native token locked on the platform which is a new record but at the same time, the price of AXS surged to an ATH on its own following a triple-digit weekly rise. Launched less than a year ago, Axie Infinity is an ETH-based online game that saw exponential growth over the past few months in terms of activity and engagement. The reports showed that the number of token holders tapped the record after a 420% year-to-date increase as the demand for the platform doesn’t seem to decline because of the high estimated rewards that are provided by the platform. As per the website, the current APR is 187%.

Users wanting to participate will have to stake their AXS tokens that increase the demand for them while decreasing the supply. There are more than 12,500,000 coins staked and from a USD perspective, their value registered a record of $1.84 billion. This means that 20% of the circulating supply of AXS that is over 61 million, was staked on the platform. This supply-demand ratio resulted in impressive price performance for the native token as AXS skyrocketed by 130% over the past week. This led to a similar increase of $145 recently with the token trading below $50 meaning that it has tripled in value in less than 14 days. AXS entered the top 20 coins by market cap as its own grew to almost $9 billion.

As recently reported, Over the past few days, the development team for the monster-NFT game Axie Infinity airdropped $60 million to the early adopters and added staking features with annual percentages yields of up to 385%. AXS holders reaped some of the returns a few months early and the governance token is now up 38% in the past day with 70% over the past week. The increase started a day ago and continued until this morning so the price for a single Axie Infinity AXS token hit $119. The sales of the NFTs also increased these past few weeks by over 50% in the past day while they did decline by 10% in the past week.

Source: https://www.dcforecasts.com/altcoin-news/axs-skyrocketed-130-in-one-week-after-2b-being-staked-in-axie-inifity/