- Axie Infinity (AXS) has hit a high of $13.83 today.
- AXS is today’s top gainer followed by STEPN coin.
- Here is a deep dive into what is causing today’s price surge.
After a calm weekend with most cryptocurrencies consolidating their previous gains, Axie Infinity has started the week with a bang after climbing to a four-month high of $13.83.
AXS has traded below $12 since mid-September and dropped to as low as $6 towards the end of 2022. The token has however turned the tables and staged a steady recovery since the start of 2023 with today being one of the greatest days for the token in recent history.
At press time, the token was trading at $12.86 after a slight pullback from a high of $13.83.
But what is pushing the price of AXS up and how far will it go? Here are the forces behind today’s AXS rally.
What is pushing Axie Infinity price up?
Although the crypto winter brought the price of the Axie Infinity token down from its all-time high (ATH) of $165.37 to trading below $10, the increased gaming activity on the Axie Infinity blockchain is largely behind the ongoing bullish price action.
Axie Infinity is branded as a blockchain-based battling game owned and operated by players around the world. Inspired by such games as Tamagotchi and Pokémon, and the ability of players to collect, breed, raise, battle, and trade token-based creatures the Axie Infinity ecosystem has seen increased growth since the start of 2023.
Axie Infinity currently ranks as the most successful play-to-earn (P2E) game within the blockchain industry and the booming sentiment among gaming tokens has also boosted AXS performance with many investors now anxious to see what the future holds for the token.
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