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Axie Infinity is becoming a hot commodity as AXS price crossed $1 billion market cap topping a new ATH

Investors Axie Infinity must be delighted as the AXS price has surged 55%, reaching an all-time high of $19.63. Axie Infinity Shards (AXS) are becoming a hot commodity, inside and outside of their native game.

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AXS/USD 4-hour chart | Source: TradingView

AXS price just crossed the $1 billion market cap mark topping a new all-time high

Axie Infinity is a Pokemon-inspired open-world game on Windows, Mac, iOS, and Android, where players raise, train, and battle adorable little tokenized monsters called Axies.

While Bitcoin remains price bound and Tether borrowing is declining, NFT sales have increased parabolic in the first half of 2021 and some continue to thrive in a place of mainstream cryptocurrencies. The NFT market is currently dominated by a token related to the online game Axie Infinity, known as Axie Infinity Shards.

AXS has surged nearly 400% in price in less than a month, with a market cap peaking at over $1 billion on July 10. The token recorded its all-time high earlier today. touching $19.63 after a 55% gain on the day. AXS was trading for approximately $0.5 just under a year ago.

Its success is remarkable given the high barrier to entry to playing the game. The first step to being an Axie trainer is to procure three Axie NFTs – no easy feat when the cheapest critter on the Axie marketplace currently costs 0.1014 ETH, or about $214. The AXS governance token was launched through a sale on Binance in November last year. AXS stands for Axie Infinity Shards; the game rewards players with governance rights for their in-game questing and AXS HODLing.

All of these growths took place during the bear market, proving the project has real people trading and investing in AXS rather than merely speculating on its price. The token’s 30-day trading volume is now over $260 million, almost totaling the volume of NBA Top Shots, CryptoPunks, and OpenSea combined.

axie-infinity-is-becoming-a-hot-commodity-as-axs-price-crossed-1-billion-market-cap-topping-new-a-ath

Axie Infinity (AXS) Daily Fully-Diluted MC vs. Total Revenue | Source: Twitter

Today’s spike follows a turbulent week for gaming coins. Just yesterday, the top three blockchain gaming tokens AXS, MANA and SAND were all crashing after enjoying a seven-day rally. Upcoming open-world platform The Sandbox’s SAND token is worth $0.52 at the time of writing, having grown in price by 33.24% overnight, while Decentraland’s MANA token enjoyed an 18% surge to hit a new price of $0.75.

Blockchain gaming is a niche market with various economic and technological barriers to entry, but this week’s surging interest could indicate a bright future.

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