- Axie Infinity surpassed nearly $1 million in daily active users and $1 billion in sales.
- Recent Coinbase listing led to a bullish week for Axie Infinity.
- AXS has rallied over 900% in two months.
- On-chain analytics suggests that AXS has long-term growth potential, and the "play to earn" game is currently one of the highest-grossing crypto applications.
Analyst Nick Grous of Ark Invest noted that players who lost their jobs in the pandemic earn by playing Axie Infinity; 40% of the daily active users live in third-world countries like the Philippines.
Coinbase listing Axie Infinity triggers bullish outlook on AXS
Axie Infinity, an online multiplayer video game, has gained popularity in the gaming and crypto community. The game features Pokemon-like creatures called Axies, and their powers can be traded and exchanged as non-fungible tokens on P2P marketplaces.
There are two Ethereum tokens that players earn, Axie Infinity Shards (AXS) and Smooth Love Potion (SLP). Traders exchange these tokens on cryptocurrency exchanges to earn revenue. In the past two months, AXS has offered over 2,000% in returns to traders.
On further analysis of AXS, it is clear that 81% of the Axie Infinity trades are in the USD Tether (USDT) market. This implies that traders are exchanging AXS for stablecoins to safeguard profits. However, the increase in daily active users cushions the existing selling pressure that arises from profit taking on exchanges.
Cryptocurrency exchange Coinbase recently noted the surge in AXS demand by crypto enthusiasts and listed Axie Infinity Shards. The US-based exchange announced the listing on Twitter
VICTORY
AXS and Coinbase are together at last! #AxieGang let’s go!!! https://t.co/JeVroBUIL7 pic.twitter.com/y0jXI2ws90
— Coinbase (@coinbase) August 12, 2021
