The native token of the current play-to-earn sensation Axie Infinity, AXS, has reportedly more than doubled within just the past three trading days. Many believe that the skyrocketing trend the token currently possesses is due to the rising public speculation that such could transform the gaming industry entirely.
As per the recent market prices report of CoinGecko, AXS/USD exchange rate reached a new all-time high today, with $48.69, which is a 78.28% increase from yesterday, and more than 150% from Tuesday’s low of “only” $14.10. Putting AXS’s market price’s meteoric rise into a grander perspective, the token has already risen about 5,000% this year alone. As of press time, AXS trades at approximately $43.82 per token.
Primarily due to the booming interest the blockchain game garnered worldwide, the project in its entirety has raked in millions and millions of revenue from in-game fees alone. In the past month, Axie Infinity has established itself as the single most profitable blockchain-based application, overtaking the mainstays of the decentralized finance (DeFi) sector, such as Aave, SushiSwap, and even Uniswap.
While many are still eager to enter the Axie market and experience the play-to-earn framework model, some are now beginning to feel a bit hesitant – believing that the game has now reached its plateau in terms of popularity and demand.