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Axie Infinity’s AXS Crypto Surges 40% Before the Impending $64M Token Unlock

Mushu Butt by Mushu Butt
January 23, 2023 - 12:08 pm
in altcoins news, nft news
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The value of the AXS cryptocurrency, which is issued by the play-to-earn giant Axie Infinity, is on the rise despite the imminent unlocking of tokens worth millions of dollars. According to data from coinmarketcap, AXS has risen nearly 40% in the last 24 hours, achieving a four-month high of $13.14.

According to Coinalyze, in the last 24 hours, there has been a surge of 156% in the dollar value locked in the number of open contracts in perpetual futures that are tied to AXS, bringing the total to $104 million. A price rally that occurs concurrently with an increase in open interest indicates the entry of new funds on the bullish part of the market.

Axie Infinity is a blockchain-based trading and combat game that enables players to obtain, breed, raise, fight, and trade token-based beings known as “Axies.” These creatures are digitized as non-fungible tokens (NFTs). Axie Infinity also lets players obtain, breed, and battle against other players’ Axies. Axie Infinity Shards, also known as AXS, are a form of governance token used in the Axie Infinity game.

Why is AXS Rallying Up Today?

According to data provider TokenUnlocks, about 4.8 million AXS tokens ($64 million at the time of writing), or 1.8% of AXS’s total supply of 270 million, will be unlocked later today. Unlocks are regarded as negative catalysts because they release liquidity and allow traders to lock in profits.

Tokens are locked to avoid large holders, typically initial investors or even project team members, from dumping all of their tokens simultaneously and triggering price drops. The perplexing surge stems from the expectation that the Axie team will publish a positive stimulus to negate the token unlock’s unfavorable impact.

AXS is among the cryptocurrencies gathering momentum prior to the token release. Despite an upcoming unlock on February 2, the crypto traded on the decentralized exchange dYdX which specializes in perpetuals has increased by 64% this month, exceeding market leaders Bitcoin and Ethereum.

Tags: AltcoinsBlockchainCryptocurrencyGamingMarketNFT
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Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

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