Max E.Fri, Mar 25, 2022 5:40 PM
Axie Infinity (AXS) Rises Amid Major Announcement
At the time of writing, the AXS token, currently the second-largest cryptocurrency by market capitalization, is trading at $72.71. Over the past 24 hours, the price of the asset increased by 15.52% after the well-known video game developer Sky Mavis unveiled plans for further development of the project.
Sky Mavis plans to improve community management and decentralize its economy. The transition to a decentralized model will be carried out in three stages. In addition, the AXS burning mechanism will be introduced in order to maintain price stability and increase the asset’s value.
After the news broke out, AXS reached a two-month high and its trading volume rose to $2 billion. Over the past week, the price of the token has increased by 45%. The number of active addresses is growing along with the value of AXS: it looks like investors are regaining faith in the asset.
In addition, the price of the Smooth Love Potion (SLP) token used to breed new Axies has recently increased by more than 30%.
AXS is the popular gaming platform’s utility token launched in 2018 and used for staking and participating in various slot games.
Sky Mavis also confirmed an upcoming major update Origin coming to Axie Infinity at the end of March. The price of the AXS token reacted positively to the announcement.