Tokens like Axie Infinity are leveraging this broader sentiment as investors comment on the latest approval of a leveraged Bitcoin Exchange Traded Fund (ETF) product that was approved by the United States Securities and Exchange Commission (SEC). This is in addition to a rare ecosystem event that went live today.
Axie Infinity is trading at $6.04 as of this writing, up 10.21% over the previous 24 hours. The gaming token has now increased by more than 21% over the previous week.
The overnight price increase seems to be spurred by excitement about the beginning of AxieTH, a gaming competition that has been dubbed one of the largest of the year.
The first real example of a play-2-earn (P2E) blockchain gaming protocol in the Web3.0 sphere made its debut in the digital currency ecosystem with Axie Infinity. With its lineup of players and events, AxieTH has typically contributed to igniting interest in the overall Axie Infinity brand while also promoting the AXS token.
One of the assets now suffering the effects of the crypto cold is AXS. The coin has still lost up to 96% of its value since reaching its all-time high (ATH) almost two years ago.
Reviving Axie Infinity brand for good
Most protocols require something radical to revive the passion in their community in order to sustain relevant because there are so many barriers to innovation, such as crackdowns by market regulators or law enforcement.
Since it restored the Ronin Bridge, which was hacked and emptied of monies the previous year, Axie Infinity has been doing everything it can to rebuild. While the gaming system has recovered on its own, a well publicised event like AxieTH is necessary to remind everyone of the P2E game’s advantageous position in the blockchain community.
