Axie Infinity Onwards & Upwards! Will AXS Price Surge Higher or Start a Retracement?
The Axie Infinity platform has defied the odds of the broader crypto market and has gone parabolic. While most altcoins wait for Bitcoin Price to make a surge, The gaming platform’s popularity has made AXS decouple from BTC.
Axie Infinity has already surpassed the $12 million in revenue it generated in June in just one week. The game has made $102 million in revenue in the last 30 days, which is more than all of the Defi protocols put together.
Axie Infinity is expected to achieve total revenue of over $1 billion by the end of the year, according to research house Delphi Digital.
In the previous month, AXS price has had a wild journey. It was at a low of $2.78 on June 22, and after a rally to $30 in mid-July, a retracement brought it down to $14.05. Since then the price has been surging consistently. Thus, maintaining a bull rally.
AXS price surge has accelerated in the last 24 hours, as it is now trading at $41.57 up by 30.9% in the last 24 hours and 100.4% in the last 7 days. The token is due to a rise to $51.34 according to analysis. However, the key resistance to break is at $44.52.
It’s worth noting that the daily RSI is presently displaying a bearish momentum divergence, implying that the price of AXS is slowing.
Axie Infinity Scholarships & NFTs
Along with the AXS token, The value of the NFT creatures required to play the game is also surging high. Rare Mystic Axies sell for more than $56,000 on the game’s marketplace, exceeding the current floor price of roughly $42,000 for NFT parent CryptoPunks.
With Axies increasing popularity, the participation cost of the game has significantly increased. A player will need $1300 to buy 3 axies to get going, as most users hail from backward nations they cannot afford to make this big investment to win big. Hence, to solve this problem the community has come up with Axie Scholarship Program.
An Axie scholarship is when a manager or guild (the scholar) provides three Axies to a player (student) to utilize in order to play the game and earn Small Love Potions (SLP). The amount of SLP earned by the player is split in a predetermined ratio with the manager or guild.
It’s apparent to FOMO buy now while the asset is soaring and expect a big return. Analyst Rager on Twitter, on the other hand, has a nice take on this. He says that the trick is to look for the next AXS and bet on it rather than investing while the asset is at its highest.