This Top-50 Crypto Has Risen Past Wednesday’s Market Crash
Axie Infinity (AXS), native token to the popular blockchain game, has vastly outpaced the crypto market in the past 24 hours.
AXS is trading up 7% in the past 24 hours at $23.1. This comes despite most other top-50 crypto tokens plummeting between 6% to 35% in the same period. Apart from AXS, the only other gainers are stablecoins.
AXS saw two bullish developments which likely supported the token through the crash. The game’s free-to-play variant went live on Android phones, while blockchain firm BTCS added the token to its infrastructure operations.
But AXS is still trading down 32% over the past week, tracking one of the worst crypto crashes in recent times. Top token Bitcoin has sunk to its lowest level since December 2020.
AXS up on mobile launch, fresh liquidity
Axie Infinity Origins is a free-to-play variant of the popular play-to-earn game (P2E). Its launch on Android is bullish for AXS, given that it could potentially attract more players into the P2E pool.
Another bullish move for the token is BTCS’ addition, which is likely to provide fresh liquidity to AXS. BTCS said in an announcement that allow its customers to stake in the token, and has already staked about 28,794 AXS.
The firm, which is listed on the Nasdaq, said it will set up an AXS validator node soon.
The news comes more than a month after AXS lost over $600 million in one of the worst crypto hacks to date. Axie has since then raised more capital, and introduced land staking in its game to win back players.
But the token has lost nearly two-thirds of its value since the hack.
Investors look to tokens with utility?
AXS’ gains may indicate a trend among traders to move into tokens with on or off-chain utility. Metaverse tokens offer such utility, given that they are part of a larger ecosystem. NFT and payment-related tokens also offer utility.
Data from coinmarketcap shows tokens with major projects backing them- such as TRX, FTX and APE- have fallen the least in the past 24 hours.
This trend mirrors a similar scene in equity trading- where investors seek out stocks with more economic exposure during times of high inflation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.