Jump 40%: Why Did This Altcoin Price Rise?

Axie Infinity (AXS) is up impressively today and is trading at $12.85, up 40% in the last 24 hours. According to data from CoinMarketCap, the coin is currently continuing its rally.

Axie Infinity is a blockchain-based trading and war game partially owned and operated by its players. Inspired by games like Pokémon and Tamagotchi, Axie Infinity allows players to collect, grow, fight and trade token-based creatures known as Axies. Axie Infinity currently ranks as the most successful play-2-win (P2E) game in today’s digital currency ecosystem.

Although the altcoin is currently bullish, its price is well below its all-time high (ATH) of $165.37. The run, which continued without a major update by the development team, caused many to be skeptical of the rally. So what is the development that triggered the rise?

The only factor attributable to Axie Infinity’s growth is the overall booming feeling among gaming tokens on the market. Axie Infinity led its peers, with tokens such as STEPN (GMT) and Flow (FLOW) up 16% and 11.40%, respectively. The Axie Infinity protocol has seen very positive engagement via social media; this is a trend that shows the community is resurgent after activities on the Ronin Bridge resumed after it was hacked by the Lazarus Group in April last year.

With the current performance, many investors are now looking forward to seeing what the altcoin price will bring in the future.

You can follow the current price action here.

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