Coin Bureau predicts this altcoin is heading to new all-time highs – Here’s why
High-profile crypto host from Coin Bureau recently lists out compelling factors that he believes would take Axie Infinity (AXS) to reach another new all-time high.
Coin Bureau lists out major price catalysts that would pump AXS into new all-time highs. First on the list is FTX cryptocurrency exchange’s announcement that it would be partnering with yield guild games to provide scholarships for Axie players.
“Scholarships were created by the Axie community and essentially involved lending Axies to players who can’t afford to buy the three Axies they need to play from the Axie Infinity marketplace.”
Notably, the day after this announcement, Axie Infinity hit 1 million daily active users. Two days after that, Axie Infinity hit 1 billion dollars in NFT sales. One week later, Coinbase listed AXS.
Secondly, Coin Bureau highlights that Sky Mavis had raised 152 million dollars in a funding round led by famous crypto VC Andreessen Horowitz.
Thirdly and importantly, at the end of October, Axie Infinity got caught up in the hype around Facebook’s Metaverse rebrand as Axie Infinity is in the process of rolling out a Metaverse of its own.
Not to mention, the game launched its own decentralized exchange called Katana.
“Katana is an automated market maker like Uniswap, and unfortunately, it currently only offers three trading pairs. Even so, the total value locked on Katana is currently well over one billion dollars.”
And the last price catalyst is related to a Singaporean gaming guild called Crypto Gaming United or CGU. It announced that it would be providing scholarships for Axie Infinity players worth up to four thousand dollars, complete with a pension plan that’s currently being trialled by CGU.
“Yes, you did hear that right a pension for play to earn gamers.”
According to the trader, Axie Infinity’s updates have taken AXS to new all-time highs, and AXS has been up almost 10x since January. However, AXS is in a very strong uptrend, and it looks like new all-time highs are ahead.
The trader also notes that Axie Infinity’s market cap is quite large, and this means it is going to take a lot more money to push up its price than it did before. At the same time, AXS stakers are earning handsome AXS rewards, and it is very likely that some of them are selling.
Yet, Coin Bureau shares their strong belief that the increase in sell pressure is being offset by the continued adoption of Axie Infinity, which is creating a lot of demand for AXS. And importantly, they predict AXS will pull another 2x before the crypto bull market is over.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587