Axie Infinity

Axie Infinity: Huge Announcements Send AXS Parabolic

The token AXS of Axie Infinity, an NFT-gaming platform, reached a new all-time high on October 4, 2021, trading at $155.

Once again, AXS, the blockchain-based NFT game Axie Infinity’s governance token, breaks the all-time highs and trades at $155.08.This parabolic move confirms a general bullish trend in blockchain-based NFT games as similar moves were observed in WILD and Illuvium.

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Two major announcements were behind this parabolic price movement. The first announcement came when the platform made public a generous airdrop. The second announcement was the introduction of staking rewards.

A blogpost released last Friday by the platform stated:

Today, we’re delighted to announce the launch of our AXS staking program! This is an important step towards our long-term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement. Staking allows you to lock up your precious AXS to earn AXS rewards. Reward distribution will start tomorrow, this is to ensure that our AXS holders in all time zones have a chance to stake before rewards are turned on.

AXS gained ground this year between July and August, during which the price rose from $6 to $79. After experiencing the woes of September, a month know to be bearish for the crypto market, where it fell to $50. AXS made it back to the green and started October or, as the crypto community calls it, “Uptober” with a bang.

The latest upward trend is mainly induced by the bullish news. At the time of writing these lines, more than 12.54 million AXS worth $1.76 billion have been staked with an estimated reward of 187% APR, according to data shown by the AXS Staking Dashboard.

Axie Infinity took the gaming scene by storm and earned large attention worldwide for the growing NFT gaming sector. The platform is trying to rise to the occasion by rewarding its early users while setting the route for more developments. The platform has generated more than $800 million during this year so far.

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