The host of popular crypto channel Coin Bureau is looking to see if the hit online video game Axie Infinity (AXS) can score more gains after rallying to dazzling heights this year.
In a new video, the analyst known as Guy tells his 1.69 million YouTube subscribers that the play-to-earn (P2E) game which also hosts a robust non-fungible token (NFT) marketplace currently dominates the P2E space.
“Cryptocurrency has made it clear that play-to-earn is the future of gaming. Creating a sustainable play-to-earn ecosystem is not an easy thing to do, however.
The only crypto project that has managed to pull it off so far is Axie Infinity, and it has consequently amassed over two million monthly users and counting…
AXS is crypto’s top gaming coin.”
AXS has surged over 25,320% this year from $0.53 on January 1st to its current price of $134.73. Even after the gaming altcoin’s staggering rise, Guy thinks AXS has more gas left in the tank.
“Axie Infinity’s updates have taken AXS to new all-time highs… AXS is in a very strong uptrend and it looks like new all-time highs are ahead.
That said, Axie Infinity’s market cap is quite large, and this means it’s 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’s very likely that some of them are selling.”
Guy also mentions the impact of Axie’s vesting schedule, which refers to how a project locks and releases tokens in order to ensure its long-term viability.
“The vesting schedule for AXS is quite aggressive compared with other cryptocurrencies, and it’s likely that some of Axie Infinity’s early investors are taking profits, too.
This is to be expected, given that the ICO (initial coin offering) price for AXS was just 10 cents. That means many early investors are sitting on at least a 1,000x. In terms of numbers, it looks like around 10 million AXS have entered circulation since July.”
Guy wraps up his analysis by saying that the game’s continued popularity means the AXS token is still likely to grow in price, despite any sell-side pressure from profit takers.
“The good news is that this increase in sell pressure is being offset by the continued adoption of Axie Infinity, which is creating a lot of demand for AXS. With some luck, AXS will pull another 2x before the crypto bull market is over.”
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