Don't look now, but this play-to-earn gaming platform is up nearly 10% today.
What happened
One of the biggest movers in the cryptocurrency world today happens to be none other thanAxie Infinity(AXS 1.98%). In the span of 30 minutes in early morning trading, Axie Infinity's AXS token jumped as much as 18%, before paring some of those gains. As of 12:30 p.m. ET, Axie Infinity is still up materially, surging 9.8% over the past 24 hours.
This move appears to be a direct result of data published on the number of unique wallets on the play-to-earn gaming platform. Reports that unique active wallets have surged over the past day (by an impressive 77%) have led some investors to ease back into a position in this flailing crypto platform.
So what
Despite this impressive surge in active wallets, Axie Infinity's monthly unique active wallet count is still down more than 10% over the past month. Users appear to be losing interest in the play-to-earn crypto platform, in which users purchase and battle their Axies (creatures), receiving rewards in the form of the Smooth Love Potion (SLP) token.
There are a number of reasons for this. However, last year's decline in crypto valuations has led to declining rewards, which have forced play-to-earn gamers who may have been able to earn some reasonable money playing this game to seek alternatives. This sort of so-called "death spiral" is what has led Axie Infinity to sink from more than $160 per token at the height of the 2021 bull market to less than $5 per token today (after its impressive move higher today).
Now what
Today's surge in Axie Infinity and a number of other smaller and more speculative crypto projects appears to align with the directional move of the broader market. Like many altcoins, Axie Infinity's price action often takes its cues from the performance of the overall crypto sector, which is doing well today. This reality, combined with some strong wallet data, appears to have led to a momentum-driven surge higher.
I'm not convinced this move can be sustained, and would suggest that a trend higher in real users will need to be seen in order for Axie Infinity to gain real momentum from here. For now, this is a token I think crypto investors should keep an eye on. Indeed, a 10% intraday move is nothing to scoff at. Let's just see if Axie Infinity can keep the momentum going from here.
Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
This move appears to be a direct result of data published on the number of unique wallets on the play-to-earn
play-to-earn
Video games can include elements that use blockchain technologies, including cryptocurrencies and non-fungible tokens (NFTs), often as a form of monetization. These elements typically allow players to trade in-game items for cryptocurrency, or represent in-game items with NFTs.
gaming platform. Reports that unique active wallets have surged over the past day (by an impressive 77%) have led some investors to ease back into a position in this flailing crypto platform.
Axie Infinity has made a strong comeback in 2024, driven by initiatives such as the Bounty Board and Coinbase's Learn and Earn campaign. These efforts have successfully re-engaged players and attracted new participants, setting new standards in the industry.
The long term sentiment, however, remains bullish and AXS could hit $7.28 in 2025. The total circulating supply of Axie Infinity as of writing this article was $149330692.52 and the marketcap of AXS remains at $660,957,385. Axie Infinity price in the longer term is expected to reach a high of $21.61 in 2035.
Yes, as per our AXS price prediction, the Axie Infinity token is a good investment because, by 2030, the highest price of the coin may be around $59.51. However, do your own research before making any final investment decisions. Invest wisely in the highly volatile crypto market.
The Changelly blog states that AXS will reach a high of $16.59 in 2025. It does, however, have AXS breaking the $100 mark in 2030, with an end-of-year high of $114.76. Bitnation forecasts a price of $26.26 for AXS by 2025 and expects it to exceed $8.21 by the end of this year.
What are the predictions for Axie Infinity in 2025? Analysts remain optimistic for 2025 as well. In September Axie Infinity will reach a minimal price of €9.58. Axie Infinity is projected to finish that year at a value of approximately €11.53.
Price Prediction's SLP Crypto Price Prediction for 2022, 2025, 2030 and 2040. Price Prediction estimated that the average price of Smooth Love Potion could be $0.003 in 2023. The service's Smooth Love Potion price prediction for 2025 is positive, with the token expected to rise to $0.006 and reach $0.042 by 2030.
By 2025, the site said that axie infinity could potentially be worth $30.15 and stay there throughout 2026 before resuming its rise to reach $35.64 in 2027 and $49.99 in 2028, then potentially closing the decade at $69.75.
In June 2022, the original Axie Infinity game, now called Axie Infinity Classic, was shut down and replaced with Axie Infinity Origins. Axie Infinity Classic was brought back in November 2022, and as of July 2024, both versions can be played to earn AXS.
As of August 2022, Axie Infinity had over 2.7 million daily active users. At its peak in 2021, it had over 2.8 million daily active users. There are over 1.5 million registered scholars/players as of 2021.
AXS is a Zacks Rank #1 (Strong Buy) stock, with a Momentum Style Score of B and VGM Score of B. Shares are down 4% over the past one week and up 3.5% over the past four weeks. AXS has gained 42.8% in the last one-year period as well.
If you're deciding whether to buy Axie Infinity or not, you'll also want to know that the maximum supply of this play-to-earn token is capped at 270 million units, with the last AXS being issued in 2026. Therefore, if you believe in the bright future of blockchain gaming, buying AXS could be a wise choice.
The total circulating supply of AXS is 270 million coins, out of which 61 million coins are in circulation as of March 2022. Based on the current release schedule, 100% of AXS tokens will be circulating by early 2026. Axie Infinity Network is launched on the Ethereum blockchain.
Analysts don't have a united opinion on the future of SLP token. Most of them assume that the asset won't be able to escape bearish trends, but some other market observers expect Smooth Love Potion token to recover and skyrocket in a long-term period.
Introduction: My name is Dan Stracke, I am a homely, gleaming, glamorous, inquisitive, homely, gorgeous, light person who loves writing and wants to share my knowledge and understanding with you.
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