Axie Infinity’s token, AXS, has been witnessing a significant price surge in recent days, and the rally has once again attracted attention to the GameFi sector, as it has outpaced several mid-cap altcoins. Commentators have noted that unlike previous spikes characterized by lower trading volumes, this surge seems to be backed by considerable trading activity and bullish market sentiments.
Axie Infinity’s AXS is Up Over 100% in the Past Week
According to data from Axie Infinity’s token $AXS went on a run today, surging by about 64% to approximately $2.02 and topping charts as the leader in the broader GameFi sector. This rally comes after months of bearish movements and is happening as interest in the gaming sector is returning with multiple gaming tokens turning green, much to the delight of traders and investors.
The price surge of the AXS token comes amid a marked improvement in daily trading volume, with the past 24 hours pulling in over $997M while the overall market cap stands at over $346M, indicating increased investor engagement. Analysts have attributed this positive price action to a return of investor appetite for high volatility sectors like GameFi as well as futures market activity and staking adjustments.
The futures trading volume has exceeded $500M with open interest hovering around $44M, signaling short coverings and the creation of new positions. All that is happening amid recent changes to the project’s staking program as well as the introduction of new incentives, including an Axie Score rewards experiment scheduled for this year.
More About Axie Infinity’s Score Reward
The score reward is a metric that will reportedly reflect a player’s contributions to the Axie Infinity community, influencing governance and rewards. According to recent announcements, that reward will be transitioned into an app token version of AXS (bAXS).
The token will be able to be spent in Axie core as well as staked. The team plans to integrate Axie’s reputation, the Axie score, into the selling mechanic. There will also be a variable fee, paid to the treasury, that gets charged to a seller of the token, with the fee reduced for those with higher tiers of Axie score.
"A good day for $AXS, but the true story here is the structural changes to supply that we’re making this year," the project’s cofounder wrote on X.
According to more recent updates, bAXS (Bonded AXS) will be backed 1:1 by AXS and designed to keep value circulating within the ecosystem and rewarding its citizens.
"This is the start of a transformative year for Axie Infinity, something is coming and the strongest will survive by working together as one digital nation," one X post shared via the Axie Infinity account on X read.
Which GameFi Tokens Are Doing Well?
The GameFi sector is witnessing a resurgence in interest. The overall sector’s market cap is currently around $7 billion, up 6.3% in the past 24 hours. While Axie Infinity is leading the charge, it is not the only GameFi project witnessing bullish movement.
Based on data from Coingecko, other tokens doing well in the GameFi sector include Ronin (RON), the Sandbox (SAND), Smooth Love Potion (SLP), Decentraland (MANA), and Illuvium (ILV).
RON’s price has gone up by about 20% in the past 24 hours and 28% in the past seven days; SAND’s is up 30% in the past 24 hours and 32% over the past 7 days; SLP is up 14% in 24 hours and 16% over the past week; MANA is also up 21% in 24 hours and 18% over the past seven days and ILV is up 15% in 24 hours and 14% over the past seven days.