AXS Token Pumps by 40% Following Announcement of $64M Worth Token Release
Crypto gaming token Axie Infinity (AXS) realised a pump of 40% after an announcement was made by the team on its plan to free up $64 million worth of the token.
The gaming token, which solely serves for purchases and transactions in the gaming space on its online gaming platform has been witnessing a lot of attention in the space recently.
Token Unlock
The token unlock, happening this January, will result in the release of a total of $64 million worth of AXS tokens into the platform.
This is a major landmark event for the crypto gaming community, as it stands as the biggest token unlock in history.
Unlocks have been discovered to be good catalysts that introduce a temporary or long-standing bull run for that particular sector.
Most project founders save the better news for unlocks, because it is believed to be a positive catalyst that impacts the community in a good way, with many investors looking forward to it to stack up profits.
This news has caused a lot of buys among investors, eager to get their hands on this token.
The value of AXS tokens has risen dramatically to a 4 month high of over $13 in the past few days, with many speculating that the price will continue to climb in the lead-up to the token unlock.
The Gaming Concept
Axis Infinity is a game backed by the blockchain technology, that involves players buying, breeding, battling on the platform with avatars known as axies which are in the form of NFTs.
Players can use these tokens to trade and buy in-game virtual products on the platform such as ammunition and goods to furnish up their avatars.
The utilisation of blockchain technology in the game ensures security and transparency at all times during transactions.
This particular feature has made the game more appealing to users.
This release of $64 million worth of AXS tokens is targeted at providing more liquidity and bringing the game to a wider reach of audience.
This will further translate to a wide adoption and utilisation of the token in the crypto gaming community.
The growth of AXS stresses the potential of blockchain technology in the gaming industry.
It is possible we will see widespread adoption by other gaming sectors in the future.
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