Business News Report
October 30, 2023

Axie Infinity’s Steady Success Illustrates Web3 Gaming’s Growing Dominance

In Brief

This month, Axie Infinity crypto game experienced a notable surge in growth, with numerous players buying and selling axes.

Axie Infinity, the renowned digital pet universe, has experienced a significant uptick in activity; registering a surge both in player numbers and Axie transactions this month.

According to an official tweet from the platform, the game saw a combined total of 130,000 Origins and Classic players, with a whopping 134,000 Axies changing hands. Over 20,000 unique addresses participated in these transactions.

In a turbulent crypto market, Axie Infinity’s native token, AXS, has outshone the competition. After plummeting to an 11-month low of $4.05 on October 19th, the asset staged an impressive recovery. It posted gains in nine out of ten sessions since October 20th, with the most notable push coming on October 28th.

By October 30th, AXS had soared to a two-month peak of $6, solidifying its position as the top-performing asset in the crypto sector over the past day, leaving competitors like Gala (GALA) and Internet Computer (ICP) in its wake.

Axie Infinity’s Bullish Metrics

While market heavyweights like Bitcoin have experienced a slowdown, AXS defied odds, consistently staying above the crucial $5 mark. This exceptional performance has turned heads in the crypto community, with many attributing this success to a combination of factors.

Recent data from Santiment highlights that Axie Infinity is buzzing with activity. There’s been a notable rise in large, ‘whale’ transactions since October 27th, with over nine of these, each valued above $100,000, occurring on October 30th alone.

Simultaneously, the game’s development activity surged, instilling further confidence in potential investors. This heightened activity hasn’t gone unnoticed on social media, either, leading to an uptick in conversations surrounding Axie Infinity. The platform’s social volume reached its monthly zenith recently, as reported by Santiment.

As of this report, AXS is priced at $5.85, marking a nearly 16% increase in 24 hours. For Axie Infinity to keep up its bullish trend, it’s imperative for AXS to consistently close above the $6 benchmark. Slipping below could see it testing the $4.95 support.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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