The Axie Infinity (AXS/USD) price popped sharply on Thursday as demand for the tokens kept rallying. The AXS coin price jumped by more than 16% and is currently trading at $140. This price is slightly below its all-time high of $153.
Axie Infinity is one of the fastest-growing blockchain projects in the world. In the past few months, the AXS token has moved from “nowhere” to become the 23rd biggest cryptocurrency in the world. It has a market capitalization of more than $8 billion and is currently bigger than other popular currencies like Filecoin, Tron, Tezos, and VeChain.
Axie Infinity is a blockchain gaming platform with millions of users every day. The gamers play the game and are rewarded with the AXS token, which they can redeem or stake. Indeed, about 25% of all AXS in circulation have been staked.
In addition to just gaming, the platform has become a leading player in the Non-Fungible Token (NFT) industry. Indeed, its volume has beaten those of other popular platforms like Art Blocks, CryptoPunks, and CryptoToadz. In a recent report, DappRadar said:
“Currently, Axie Infinity’s historical trading volume ascends to $2.18 billion. To put that in perspective, the closest collection is CryptoPunks, lagging $800 million behind.”
Therefore, the Axie Infinity price is jumping as investors continue banking on the platform’s growth. In a recent note, Arianna Simoson, a partner of Andreessen Horowitz, which invested in the platform said:
“Axie sort of created this model, but I think it’s going to be extremely widely applied … If I can play a game, and have an equivalent amount of fun, and also make money — well obviously I’d rather do that, right?”
Axie Infinity price prediction
The daily chart shows that the AXS price has been in a narrow range recently. It has been forming what looks like a bullish flag pattern. In price action analysis, a bullish flag pattern is usually a bullish sign. It has also moved above the short and longer-term moving averages while the MACD has moved above the neutral level.
Therefore, the Axie Infinity price will likely maintain the bullish momentum as its hype continues. Initially, the price will likely jump to the resistance at $150 and then aim to the next key level at $200.
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