The cryptocurrency market is very wide & varied and not only do we see the decline of some of the bigger coins time after time but we also have some small altcoins rising from the bottom almost every month. This time, this particular altcoin has seen a growth of more than three times over the last four days and one must watch out for the altcoin that has outperformed the likes of Cardano, Dogecoin, Binance Coin, and many others in this period.
The altcoin we are talking about is Axie infinity with the native token named AXS. It is ranked 34th in the CoinMarket Cap ranking with a current value of more than $45 and a total market cap of over 2.5 billion dollars.
On July 20th, the currency had touched its all-time low in the current timeframe, which was $14.87 but in four more days, it recovered insanely and now it is being traded at its all-time high.
Right before the token’s price pump, it was believed that Axie Infinity (AXS) is going to revolutionalize the blockchain-based gaming industry. This was probably one of the factors which contributed to the altcoin’s momentary success.
From $14.87 on July 20th, its value went up to $31 on 23rd July and it is being traded at $45.59 at the time of publishing this article. With its trading volume of $6.79 billion over the last 24 hours, it has performed way better than some of the prominent altcoins like Cardano, Binance Coin, and Dogecoin.
Even though the development activity of AXS has remained moderate, the social activity has seen a massive spike and has touched its all-time high along with the price.
Google Trends suggests that the interest in the altcoin worldwide has increased and it has touched the barrier of 100 already. However, in the current timeframe, it stands at 76.
The increased interest in this altcoin suggests that Axie Infinity is going to be here, at least for a short time but the moderate development activity makes the investors skeptical about this coin. Regardless of what happens, it will certainly be interesting to see how the coin pans out in the next few weeks.