The Axie Infinity (AXS), native token of the eponymous game, soared 20% this Saturday morning (4), jumping from US$ 74.56 to US$ 92.44 in less than four hours. Information is from CoinMarketCap.
With the increase, the asset’s capitalization – price versus current supply – hit US$5.4 billion, placing it in 31st place in the list of the largest in the market, ahead of currencies such as EOS and Aave (AAVE).
There is no clear indication to explain why the cryptoactive reached this new price level, the highest in history, in a few hours.
On Thursday (2), however, the news of the integration of Binance and Ronin, the cryptocurrency wallet used by Axie Infinity players, generated a wave of optimism in the market.
With the change, gamers can now make deposits and withdrawals of the game’s cryptocurrencies – the AXS and the Smooth Love Potion (SLP) – through the brokerage, without having to use the main Ethereum network. With that, they get rid of paying the high gas fees.
Withdrawals for the Ronin network, according to Binance, were available on Friday (3) at 9 pm.
The Rise of AXS
Axie Infinity, launched in Vietnam in 2018, is a game in the play-to-earn model – play to win – that gives its users the possibility to create characters, called ‘Axies’, to battle against other players and receive rewards .
With the popularization of non-fungable tokens (NFT), the game fell in favor of people and attracted players from all over the world, including Brazil. Between July and August, the AXS had a meteoric rise of more than 600%, jumping from $5.71 to $41.68.
Over the past month, the currency continued to rise and, in the last week, remained practically stable between US$ 73 and US$ 74, until it exploded this Saturday.