Axie Infinity is holding the $45 support level today, after a multi-week tumble. Price has tumbled around 30% over the last two weeks after losing $625M to a hacking incident.
AXS/USD broke the descending trendline earlier this year, after a multi month bearish market. Price has now traded back into support, raising the question “should traders look to buy this support?”
My View – Yes. Here’s Why AXS looks promising.
Axie Infinity is a play-to-earn game, offering an extremely popular metaverse. Their in-house marketplace has traded over $3.6Bn in USD value, boasts over 2.8 million active daily players, and the highest price tag an Axie has fetched is $820,000.
With those sorts of numbers there’s no denying the rapid adoption of their metaverse.
Now, lets have a look at the AXS token fundamentals. As of writing this there are 77.36M tokens in circulation, a total of 270M tokens minted, and a current market cap of $3.65Bn.
But here’s what really excites me about AXS – staking. Staking Axie Infinity on Binance users can yield up to 120% per annum.
120% per annum. You’d have to be absolutely mental to ignore yields like that.
If there was ever a reason to hold crypto its yields like that.