Why is metaverse game Axie Infinity (AXS) rising?

Highlights 

• Axis Infinity (AXS) is a trading and battling game or metaverse.
• The gaming segment in the cryptocurrency market has a market capitalization of around US$28.93 billion.
• Binance, the crypto exchange, announced a one-week promotional offer starting from March 24, 2022, to celebrate adding AXS token to its Auto-Invest feature.  

The gaming segment in the cryptocurrency market had a market capitalization of around US$28.93 billion as of March 24, 2022, at 5:01 am ET, Thursday.

Notably, Axie Infinity is one of the top gaming tokens that has risen more than 20% in the last 30 days. This is a popular game among users.

On March 24, Axie Infinity (AXS) token rose 15.35% to US$59.84 at 4:32 am ET, Thursday after Binance, the crypto exchange, announced two promotions on the platform to celebrate adding AXS token to its Auto-Invest feature.  

Auto-Invest is the Binance platform’s feature that automates crypto investment and allows earning passive income. For this, the investor needs to select a cryptocurrency to purchase regularly. Then, this purchased cryptocurrency will automatically be invested in the Flexible Saving account, and an investor can earn passive income with the investment. 

Binance is offering up to 100% trading fee cashback to the eligible users and 100% APY with AXS Staking to the eligible whitelisted users. 

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Each eligible user will receive up to US$5 cashback in BUSD. Around 2,500 users will be selected from all the eligible participants to be whitelisted and give 100% APY on AXIS staking under this promotional offer from March 24, 2022 (07:00 UTC) to March 30, 2022 (23:59 UTC). 

What Is Axie Infinity (AXS)?

Axie Infinity is a trading and battling game or metaverse which is partially owned and operated by the players. In Axie Infinity, players collect, breed, raise, battle, and trade the token-based creatures called ‘Axies’ as their pets.

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These Axies can change forms with different body parts and appearances with more than 500 body parts currently available, including bird, bug, beast, plant etc.

Interestingly, the Axies can be bred together to produce new and unique offspring that can be sold on the Axis marketplace. 

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Axie Infinity helps players in finding a suitable match to breed their Axie. The cost is 0.005 ETH in addition to Small Love Potion (SLP) tokens to generate the Axies. As the demand for AXS tokens increases for the game, the other tokens needed for breeding also rise. 

Ethereum (ETH) is up 3.50% to US$3,056.43, and Smooth Love Potion (SLP) token price is also up 18.07% to US$0.02096 at 5:44 am ET on Thursday.

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Data Source: coinmarketcap.com

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AXS token price and performance:

Axie Infinity Shards or AXS is its governance token used for voting for matters such as how the Axis Community Treasury fund should be spent etc.

With 56,950 holders, its current market capitalization is US$3.64 billion. The token trading volume rose to US$879.19 million, a 162.89% increase in the last 24 hours. 

Its circulating supply is 60.91 million AXS, and the total supply is 270 million AXS. AXS token is available for purchase on crypto exchanges, including Binance, Mandala Exchange, FTX OKX etc.

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Bottom line:

The Cryptocurrency market is volatile and carries high investment risk. Hence the investors must exercise due diligence before leaping into it.

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