Axie Infinity is one of the most popular play-to-earn crypto games in the metaverse. Like many prominent NFT-based games, its token, AXS, has experienced some highs and lows in the past year. At its peak, the token rose from just over $0.50 in January to its all-time high of a little over $164 on November 6, 2021.
Unfortunately, the price hike did not last for long, as it crashed to $49.58 on January 25, 2022. Since then, it has continued its downward spiral and kept fluctuating.
Interestingly, the AXS token gained about a 20% rise within the last 24 hours. This has led to many crypto experts wondering if this is the comeback for Axie Infinity. Is it the right time to invest in AXS tokens? Will this rise continue into the New Year?
How the AXS Token gained Over 20% Rise
Axie Infinity (AXS) price increased to $8.18 within the last 24 hours with a trading volume of $339,003,549. The token has a total supply of 270 million and a circulating supply of about 110 million AXS coins. It is worth mentioning that the AXS is the governance token for the game platform.
Holders of these tokens have the right to vote and shape the direction the game universe would take. They can also stake their AXS tokens to earn more and vote for governance proposals. At its peak, one AXS was valued at $164.90 in 2021, and at its lowest; it sold for $0.1 in 2020.
Is this the Return of Axie Infinity AXS Token?
There have been different predictions about the rise and fall of the Axie Infinity AXS token. However, none of the predictions have come close to what the token is currently experiencing. For example, CoinCodex gave a gloomy short-term prediction for the token.
It argues the token may drop to $6.37 by December and continue its downward trajectory to $6.13 by December 29. Many others have gloomy predictions, while others were a bit optimistic in their prediction. Interestingly, none had an accurate prediction of the fate of the AXS token.
What does this mean? It is difficult to predict the rise and fall of this token, or any other token for that matter, in this bearish market. As an investor, it is crucial to understand this and not make investment decisions based on these predictions.
So, is this the return of the Axie Infinity AXS token? The truth is it is difficult to tell. With the fluctuation in prices, it is hard to predict if the price will continue to grow or not.