Axie Infinity (AXSUSD)

Axie Infinity and the AXS token

Axie Infinity is a blockchain-based game developed by Sky Mavis, a studio founded in Vietnam in 2018. Players collect, breed and battle digital creatures called Axies, which are held as NFTs. The game's main token, Axie Infinity Shards (AXS), is used for governance, staking and some in-game payments, while a second token, Smooth Love Potion (SLP), is earned as an in-game reward. AXS has a total supply of 270 million tokens. On TradingMoon, the Axie Infinity price is quoted against the US dollar under the ticker AXSUSD.

Axie Infinity price history

AXS was first sold to the public in November 2020. During the 2021 boom in play-to-earn games, when Axie Infinity was especially popular in South-East Asia, the price rose sharply and peaked at around $165 in November 2021. In March 2022, the Ronin network, the Ethereum-linked sidechain that Sky Mavis built for the game, was hacked and about $625 million in crypto was stolen. Sky Mavis later reimbursed users and relaunched the bridge. The hack, the wider crypto downturn in 2022 and lower player activity were followed by a sharp fall in the AXS price, which has since stayed far below its 2021 peak. Past performance is not a reliable indicator of future results.

Factors that can affect the Axie Infinity price

The AXS price can be influenced by several factors:

• Player activity: the number of active players and demand for Axies can affect demand for AXS.
• Game updates and rewards: changes to the game, its rewards or staking can change how AXS is used.
• Token supply: new AXS entering circulation can shift the balance between supply and demand.
• Crypto market trends: AXS often moves with the wider crypto market, including Bitcoin and Ethereum.
• Security and regulation: hacks and new rules for crypto, NFTs and blockchain games can lead to sharp price moves.
• Economic conditions: interest rates, inflation and investors' appetite for risk can affect demand for crypto assets.

Related cryptocurrencies

AXS is often compared with other gaming, metaverse and NFT tokens, which can be affected by similar trends:

• Smooth Love Potion (SLP): Axie Infinity's in-game reward token.
• Decentraland (MANA) and The Sandbox (SAND): metaverse platforms where users can buy virtual land and take part in virtual experiences.
• Enjin Coin (ENJ): a token linked to a platform for creating and managing NFTs for games.

Trading Axie Infinity

With CFDs, traders can speculate on the Axie Infinity price rising or falling without owning AXS or holding a crypto wallet. AXS has been highly volatile, and leveraged CFD positions can lead to significant losses.