Why Ethereum And NFT Based Crypto Axie Infinity Is Trading 60% Higher Today

Axie Infinity (CRYPTO: AXS) skyrocketed 66.41% over 24 hours to trade at $72.53 as of late Tuesday night.

What’s Moving?: The Ethereum (CRYPTO: ETH) and non fungible token or NFT-based cryptocurrency of a blockchain-based game has shot up 89.97% over seven days.

See Also: How To Buy Axie Infinity (AXS)

AXS gained 63.69% against ETH and 66.67% against the apex cryptocurrency — Bitcoin (CRYPTO: BTC) — over 24 hours. 

Since the year began, AXS has shot up a whopping 12,138.9%, making it the cryptocurrency with the best year-to-date returns, as per CoinMarketCap data.

Why Is It Moving? AXS was the top trending token on Coingecko at press time.

Axie Infinity’s “play-to-earn” allocation which is akin to a marketing budget for the game’s ecosystem is now $3.85 billion, as per its co-founder Jeffrey Jiho Zirlin.

Few understand that the AXS play-to-earn allocation is now $3,850,000,000.

We have not started giving this out because the game is in Alpha. pic.twitter.com/ul65ZGEL8P

— The Jiho (@Jihoz_Axie) August 11, 2021

The NFT-based game has recorded over $1.04 billion in all-time sales with more than 2.4 million transactions, as per the analytics website CryptoSlam.

See Also: EXCLUSIVE: Game Where You Can Earn Dogecoin By Catching 'Dogemons' Coming Soon On iOS, Android Devices

Last week, Cathie Wood-led Ark Invest analyst Nick Grous noted that Axie Infinity is “the foundation of an emerging economy,” which has emerged due to the tokenization of in-asset games.

The Ark analyst pointed out that players who lost jobs in the pandemic can earn more playing the game — pointing out that 40% of the game’s daily active users live in the Philippines.

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Photo: Courtesy of Axie Infinity