Axie Infinity Shards (AXS) is the governance token of Axie Infinity, a popular blockchain-based game where players can collect, breed, battle and trade cute digital creatures called Axies. AXS holders can also stake their tokens, play the game, and vote on important decisions that affect the future of the game.
In this article, we will take a look at the current price, market cap, trading volume, and trends of AXS, as well as some of the factors that may influence its price in the near future.
Current Price and Market Cap
AXS is trading at $6.18 USD, with a 24-hour trading volume of $57.8 million USD. This represents a 1.6% increase in the last 24 hours and a 4.6% increase in the last 30 days.
AXS has a circulating supply of 130.7 million tokens and a total supply of 270 million tokens. The current market cap of AXS is $846 million.
In a daily time frame, the price is getting rejected from the strong resistance trendline of the Descending triangle. We have to wait for a successful breakout or breakdown to confirm its next direction.
Price History and Trends
AXS was launched on November 4, 2020, with an initial price of $0.12 USD. Since then, it has experienced several periods of volatility and growth, reaching an all-time high of $164.90 USD on November 6, 2021.
Some of the factors that have contributed to the rise of AXS include:
- The growing popularity and adoption of Axie Infinity as a blockchain game with over 2 million daily active users and over $2 billion in total sales.
- The launch of Ronin, a custom Ethereum sidechain that reduces gas fees and improves scalability for Axie Infinity.
- The introduction of staking rewards and governance features for AXS holders.
- The expansion of the Axie Infinity ecosystem with new partnerships, integrations and features.
However, AXS has also faced some challenges and corrections, such as:
- The increased competition from other blockchain games and NFT projects that offer similar or better gameplay and rewards.
- The regulatory uncertainty and legal issues that may affect the status and legitimacy of blockchain gaming and NFTs in some jurisdictions.
- The technical difficulties and bugs that may affect the performance and security of Axie Infinity and Ronin.
- The market sentiment and trends that may affect the demand and supply of AXS and other cryptocurrencies.
Future Outlook and Price Prediction
Looking ahead, AXS may continue to benefit from the strong fundamentals and community support of Axie Infinity, as well as the ongoing development and innovation of the game and its ecosystem.
Some of the potential catalysts that may boost the price of AXS in the future include:
- The launch of land gameplay, which will allow players to explore, build and interact with their own virtual plots of land in Axie Infinity.
- The release of new Axies, items, skills, and features that will enhance the gameplay and diversity of Axie Infinity.
- The growth of the Axie Infinity scholarship program, which will enable more players to access and enjoy the game without having to buy their own Axies.
- The adoption and integration of AXS by more exchanges, platforms, and services will increase its liquidity and utility.
However, AXS may also face some risks and challenges that may hinder its price growth, such as:
- The emergence of new competitors or alternatives that may offer better value or experience for blockchain gamers and NFT collectors.
- The regulatory crackdown or intervention may restrict or ban the use or trade of blockchain gaming and NFTs in some regions or countries.
- The hacking or exploitation that may compromise the security or integrity of Axie Infinity or Ronin.
- The market downturn or correction may affect the overall sentiment and confidence of cryptocurrency investors.
Conclusion
AXS is a promising token that powers one of the most popular and successful blockchain games in the industry. It has shown impressive growth and performance in the past year, but it also faces some challenges and uncertainties in the future.
However, you should always be careful and responsible when dealing with cryptocurrencies, as they are highly volatile and risky.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
