{"id":511153,"date":"2022-12-05T08:04:59","date_gmt":"2022-12-05T13:04:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=511153"},"modified":"2022-12-05T08:08:42","modified_gmt":"2022-12-05T13:08:42","slug":"metaverse-token-axie-infinity-axs-suddenly-pumps-25","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/axie-infinity-axs\/metaverse-token-axie-infinity-axs-suddenly-pumps-25\/","title":{"rendered":"Metaverse Token Axie Infinity (AXS) Suddenly Pumps 25% – What’s Happening?"},"content":{"rendered":"

AXS, the native token of Axie Infinity, has seen its price jump in recent hours. The project is a blockchain-based game metaverse in which players collect and breed digital pets called Axies that they can be used in a turn-based card game.<\/p>\n

At one point, AXS rose to $8.82 after trading as low as $6.41 yesterday and has seen a 28% rally in recent hours. At press time, AXS was at $8.14, still recording a price pump of about 20% over the last 24 hours.<\/p>\n

Over the last seven days, it’s up 25%. Today’s gain is accompanied by a massive surge <\/a>in trading volume, which has grown to $295 million over the past 24 hours, up 750% from the day before.<\/p>\n

Currently, Axie Infinity (AXS) has risen<\/a> to the 52nd largest cryptocurrency with a market cap of nearly $812 million.<\/p>\n

Related Reading: Elon Musk Lifts Twitter Ban On Dogecoin Accounts; DOGE Pumps 7% \u2013 Here\u2019s What Happened<\/a><\/div>\n

However, despite the massive pump, AXS is still one of the biggest losers of the bear market. AXS’ all-time high stand at $164.90 and was reached in November 2021. This represents a whopping 95% loss in value.<\/p>\n

A look at the 1-day chart reveals that Axie Infinity has still not been able to break out of its downtrend channel. For this, a break above $9.00 would be required. If it fails, AXS would continue to move in bearish territory despite the recent pump.<\/p>\n

\"Axie
AXS price still caught in a downtrend channel, 1-day chart Source: TradingView<\/a><\/figcaption><\/figure>\n

Fundamentals Of Axie Infinity Look Weak<\/h2>\n

Meanwhile, the fundamentals for Axie Infinity continue to look less than rosy. According to the data platform CryptoSlam, the sales volume of Axie Infinity has shrunk massively since the peak on November 3, 2021 at $40.8 million.<\/p>\n

Since May, volume has been bobbing around below $500,000, though it was still close to $100,000 at the end of October. Yesterday, December 4, it was only $19,500.<\/p>\n

\"Axie
Axie Infinity sales volume data. Source: Cryptoslam<\/a><\/figcaption><\/figure>\n

On Its Way To Decentralization<\/h2>\n

So what is driving the AXS pump? One reason could be the impending decentralization of the project.<\/p>\n

The team published a blog post today. In it, they shared that a group of over 700 invested and influential community members have come together to shape the future of Axie Infinity.<\/p>\n

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The Lunacian: Axie Contributor Initiative Kickoff! https:\/\/t.co\/Yjs9njT5Rv<\/a><\/p>\n

— Axie Infinity (@AxieInfinity) December 5, 2022<\/a><\/p><\/blockquote>\n