AXS is most profitable token of week, this is what led up to it
According to Coinmarketcap, AXS by Axi Infinity has become the most profitable crypto asset of the week among the 100 largest crypto assets. Over the past seven days, the coin has gained 22%, and at one point was up 52%. AXS prices are currently at spring/summer 2021 levels, where they hit an all-time high of $170 per coin before rising by nearly 2,000%.
There are several reasons for such positive price action in a rather cautious and apathetic crypto market. Some of them are directly related to the project, but there are also some not so obvious ones.
The introduction of AXI Core has had an undeniable impact on the price behavior of AXS. The new mechanic will add NFT goods to the game, expanding personalization options for players as well as boosting its economy. On innovation news, transaction volume at Axie Decentralized Apps increased by 1,061% to $10.5 million.
GameFi market redistribution
The collapse of BNX, the GameFi token of the BinaryX project, a few days earlier, could be considered an indirect cause of AXS’ rise. It can be assumed that after BNX’s price had fallen by more than 50%, some of the players and their money migrated to Axie Infinity and AXS, all the more so given their major announcements.
Interestingly, the massive drop in BNX price came on the back of rumors of a big selloff by the project of its token, which had been circulating around AXS in November.