One cryptocurrency-Axie Infinity is on a record-breaking rise, making investors’ heads spin. They turned around for one minute, and Axie Infinity’s AXS token jumped to about $155 the day before yesterday. That’s up from $54.11 last month. As of October 15, 2021, the coin is valued at around $130 and fluctuating.
But that’s only a tiny part of the story. Initially released in May 2018, Axie Infinity is an online video game growing in popularity because it pays to play. It’s called a pay-to-earn model where Gamers earn AXS, which is an Ethereum-based cryptocurrency.
DDuring the pandemic, AXS grew tremendously because of the ability to earn while playing. In fact, in May of this year, CNBC reported that some gamers in the Philippines were earning enough from playing the game to survive.
A mother of three who plays said, “What matters is having money so we can eat, avoid debts and get through every day. It [Axie Infinity] sustained our daily needs, paid our bills, and debts. I was thankful to Axie because somehow it helped us.”
In the game, Axie Infinity players can breed, collect, trade, and even battle pets called Axies. That’s what’s keeping the 1.85 million daily active users playing. All they need is a phone and the internet. Players do have to pay to play initially, but they soon start earning AXS, and the gaming platform allows them to cash out every two weeks.
Players who started playing over a year ago were trading AXS at just $.12. If they had held onto all the tokens they had earned, yesterday was a pleasant surprise for them. The Axie Infinty token broke a dollar in February and then started climbing at a more consistent rate. From $4 in June to $25 mid-July and then $50 by the end of July, predictions could have been made that AXS was about to make an impressive bull run.
Currently, at $139.30, count on it to continue to rise. If it is anything like Bitcoin, it can hit thousands and then go over ten thousand. With more and more players flocking to earn the cryptocurrency, its potential is endless.
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