AXS Skyrockets 130% Weekly to New ATH

The interactive game Axie Infinity has pulled in nearly $2 billion from the original token locked onto its platform, a new record. Meanwhile, the price of AXS rose to ATH on its own after a triple-digit weekly increase.

• Launched less than a year ago, Axie Infinity is an online game based on Ethereum that has seen exponential growth in the past several months in terms of activity and engagement.
• Potato encryption It was reported last week when the number of holders hit a record after an increase of 420% year-to-date.
• The demand for the platform does not appear to be waning, in part due to the atypically high estimated rewards that Axie Infinity offers. According to the website, the current APR is 187%.
• Users willing to participate have to participate in their AXS coins, essentially increasing demand for them while reducing supply.
• As of now, there are over 12,500,000 coins in stock. From the perspective of the US dollar, its value reached a record high of $1.84 billion.
• This means that approximately 20% of the total circulating supply of AXS, which currently exceeds 61 million, has been placed on the platform.
• To some extent expected, this supply and demand ratio has led to an impressive price performance for the original token.
• The AXS index is up about 130% in the past week, and earlier today it charted a new all-time high at around $145. Just for reference, the coin was trading at less than $50 on September 21st. Meaning it has nearly tripled in value in less than two weeks.
• Consequently, AXS entered the top 20 coins by market cap as its valuation grew to nearly $9 billion.