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Sunday, December 5, 2021

Almost $2B Staked in Axie Infinity: AXS Skyrockets 130% Weekly to a New ATH

This post was originally published on Cryptopotato

The interactive game Axie Infinity has attracted nearly $2 billion worth of the native token locked on its platform, which is a new record. At the same time, the price of AXS has surged to an ATH on its own following a triple-digit weekly increase.

  • Launched less than a year ago, Axie Infinity is an Ethereum-based online game that has seen exponential growth in the past several months in terms of activity and engagement.
  • CryptoPotato reported last week when the number of holders tapped a record after a 420% year-to-date increase.
  • The demand for the platform doesn’t seem to decline, partly because of the untypically high estimated rewards provided by Axie Infinity. According to the website, the current APR is 187%.
  • Users wanting to participate have to stake their AXS tokens, which essentially increases the demand for them while decreasing the supply.
  • As of now, there are more than 12,500,000 coins staked. From a USD perspective, their value has registered a record of $1.84 billion.
  • This means that approximately 20% of all the circulating supply of AXS, which is currently just over 61 million, has been staked on the platform.
  • Somewhat expectedly, this supply-demand ratio has resulted in impressive price performance for the native token.
  • AXS has skyrocketed by roughly 130% in the past week and earlier today charted a fresh all-time high of around $145. Just for reference, the token traded below $50 on September 21st. Meaning it has nearly tripled its value in less than two weeks.
  • Consequently, AXS has entered the top 20 coins by market capitalization as its own has grown to almost $9 billion.

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