Axie Infinity (AXS) Makes The Most Gain Among Top 50 Coins

Axie Infinity

AXS, the Axie Infinity token is leading the top gainer in the coin market, today, May 31, 2022. The coin is currently trading at $24.03. This is a 20% rise from its market value 24 hours ago. AXS reached an intra-day high of $27.82 as per data from CMC before dropping to just above $24.

Market data shows that AXS is currently ranked 43 according to market capitalization. Its market cap of $1.5 billion is also up by 20% over the course of the day. Its trading volume is up by 457% and currently has a value of $906 million. This is a reflection of the upbeat market sentiment.

What Technical Indicators Show

The 10-day and 20-days moving averages show that AXS is in an uptrend. With the Relative Strength Index (RSI) of 64, AXS was overbought, so we should be expecting lower prices in the coming hour. This is already manifesting with the higher intra day value of the coin.

Why AXS Price is Increasing

The rise in the value of the Axie Infinity token is not unconnected with recent changes in the metaverse platform. According to an update from the Axie Infinity team,

New features on its NFT game are to thank for the boost. Characters on Axie Infinity are called Axies and have body parts that have corresponding battle moves – and ‘Axie ears’ have been given their own cards for the first time. Which is exciting, apparently. ”

New Projects Accepted

Sky Mavis, the company behind Axie Infinity also unveiled its first user generated games this week. Some of the recent improvements will enable developers to easily build games on the Axie Infinity metaverse through the Builders Program.

The platform, on May 31, announced the acceptance of the first 12 projects to its Builders Program. This has played an active role in the spike in the price of AXS, the Axie Infinity token.

 

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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