![]() ![]() The expert notes that it is doubtful that Axie Infinity will be able to adapt and regain its former glory in a rapidly changing cryptocurrency landscape. Investor sentiment has soured due to regulatory concerns and market uncertainty, further exacerbating the decline.Įdith rightly describes the dramatic rise and subsequent fall of AXS as emblematic of the inherent volatility of the cryptocurrency market. In addition, towards the end of 2021, the cryptocurrency ecosystem was hit by a broader bear market, casting a shadow over AXS and numerous other digital assets. As the novelty of these digital collectibles wore off, demand for NFTs, including those offered by Axie Infinity, declined, triggering a correction in the value of AXS. One of the main factors is the waning interest in NFTs. Edith identifies several factors that have contributed to this sharp decline, highlighting the transient nature of cryptocurrency markets. However, as is often the case in the volatile cryptocurrency market, euphoria can quickly turn to disappointment.Īt the time of writing, AXS is trading at $4.48, down a staggering 97% from its peak. ![]() The rise of AXS has been nothing short of spectacular in the NFT landscape. Polygon (MATIC) returned over 1,100 times, Sandbox (SAND) returned 1,008 times and MultiverseX (EGLD) returned 839 times. To put the extraordinary performance of AXS into context, let’s compare it with other NFT coins that have recorded impressive performances over the same period. This attracted speculators eager to capitalize on the trend, pushing AXS to unprecedented heights.” Putting Axie Infinity’s (AXS) performance into context on the Binance launchpad “The NFT ecosystem was buzzing in late 2021, and Axie Infinity positioned itself as a leader with its captivating NFT offerings. This irresistible appeal led to the overvaluation of these digital collectibles, driving up the price of AXS. What caused the price of Axie Infinity to skyrocket?īut what has fuelled this remarkable rise in value of AXS and why has it caught the attention of crypto c urrency enthusiasts and investors around the world?Įdith Reads, cryptocurrency expert at, sheds light on the factors behind AXS’s surprising performance.Īccording to her analysis, AXS’s soaring value was primarily driven by increased demand for Axie Infinity NFTs, which stood out for their novelty and uniqueness. This meteoric rise resulted in Axie Infinity becoming the most profitable project ever launched on Binance Launchpad. With an initial launch price of just $0.10, Axie Infinity’s home currency, AXS, reached an astonishing peak of $164.90 on 6 November 2021, offering a staggering 1,649 times return on investment. One project that reached unprecedented heights during this NFT craze was Axie Infinity, launched through Binance’s innovative Launchpad project. NFT crypto coins have become the backbone of digital collectibles trading and ownership, offering investors an attractive opportunity to capitalise on the burgeoning NFT sector. In the midst of the non-fungible token (NFT) frenzy, a new category of digital asset has emerged that has reshaped the landscape of blockchain-based collectibles. The success of Axie Infinity (AXS) on the Binance Launchpad Putting Axie Infinity’s (AXS) performance into context on the Binance launchpad.What caused the price of Axie Infinity to skyrocket?.The success of Axie Infinity (AXS) on the Binance Launchpad. ![]()
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