Here’s the reason behind Axie Infinity’s [AXS] impressive streak above $155

Popular NFT-based online video game Axie Infinity has continued to post an impressive rally after a period of dull market momentum. After an astonishing rally of over 125%, its native AXS token climbed to an all-time high of $155. According to data provided by IntoTheBlock on Monday,

Axie Infinity’s impressive ascent can be attributed to the roll-out of a huge airdrop to early supporters and the launch of staking for the AXS token. It recovered greatly from a low of just $47 in the last week of September.

ITB’s tweet regarding the same read,

“The price of Axie Infinity token AXS catapulted to a new ATH of $155 propelled by a huge airdrop to early supporters and the launch of staking for AXS token. AXS also saw a massive increase in perpetual swaps volume today with +9 billion, the second-largest ever.”

Axie Infinity exponential growth

Created by Sky Mavis and released in 2018, the Axie ecosystem has bolstered the trend of play-to-earn. The recent stats released by DappRadar gave an overview of its adoption. As a matter of fact, the project noted over $2 billion in NFT sales volume, strengthening Axie’s position as the most valuable NFT collection. As a result, the project went on to eclipse already established biggies such as CryptoPunks, Art Blocks, and NBA Top Shot.

The crypto-based game and blockchain-using metaverse project Axie Infinity has risen sporadically in a very short span of time. Especially in Southeast Asian regions such as the Philippines and Vietnam, the protocol is fueling a digital economy powered by cryptocurrency assets. Many are also deriving the main source of income from the Axie ecosystem precisely in areas where traditional financial and banking services are not easily accessible and are often expensive.

In addition to that, the ownership of the AXS token is also on an upward trajectory. ITB had recently revealed that there are more than 17,480 address holders with AXS. This figure essentially demonstrated a new peak and a whopping appreciation of more than 400% in terms of year-to-date [YTD]. It can be inferred that the latest growth signals the growing popularity of Axie Infinity and play-to-earn non-fungible token [NFT] gaming.