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Ultra Bullish Axie Infinity (AXS) Hits New ATH $119.92

Axie-Infinity-AXS-Hits-New-ATH-$-119-2 Altcoin News
  • Axie Infinity (AXS) price surges and hits new ATH $119.92.
  • The price spike came after AXS Airdrop to early supporters.
  • Another reason for the spike in price is the launch of staking.

Axie Infinity (AXS) price surges and hits new ATH. Moreover, the price spike came after the huge airdrop to early supporters and also launch of staking for AXS tokens.

More so, AXS is a blockchain-based battle game which has risen in prominence over the past one year. This is because users adopt its play-to-earn (P2E) gaming experience. According to CoinMarketCap, the AXS price is trading at $110.71 with a 24-hour trading volume of $4,528,539,732, at the time of writing.

AXS Launches Staking

Axie Infinity (AXS) has announced the launch of staking capabilities on September 30, 2021. Even more, members of the AXS community have already staked almost 9.8 million AXS within two days.

Recent tweets show that other gaming companies in the ecosystem are now staking their holdings of AXS. Due to the benefit of their respective ecosystems, too, as shown by Yield Guild Games’ announcement that it is now staking its AXS holdings.

In addition, the Axie Infinity offers its stakeholders a 240% APR, with rewards propelled by 78.3 million AXS tokens, which have been reserved by the company.

AXS Airdrops to Users

Another reason for the spike in price is activity for AXS is this week’s community airdrop. This rewards users who engage with the protocol before October 26, 2020.

As a result of a snapshot taken on October 26, 10,000 wallets were selected to receive a share of the 800,000 AXS airdrop, according to the AXS team.

The more active users like the pseudonymous twitter user Arctic received a larger distribution that is worth nearly $500,000. On other hand, less active accounts get smaller distributions that are nevertheless still significant financially. Especially in economically disadvantaged parts of the world, where many Axie Infinity players reside.

Lastly, analysts believe the P2E gaming model will be the breakout sector in 2021, which contributes to the recent growth of Axie Infinity.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.