Coin Bureau’s host, a high-profile cryptocurrency analyst, recently Axie InfinityHe listed the notable factors that he believes will enable the .
Price Catalysts
Coin Bureau lists the main price catalysts that will pump AXS to all-time highs. First on the list is the announcement of the FTX cryptocurrency exchange that it will be collaborating with Yield Guild Games to provide scholarships to Axie players.
“The Scholarships were created by the Axie community and mainly involve lending Axies to players who cannot afford to purchase the three Axies required to play the game from the Axie Infinity marketplace.”
Remarkably, the day after this announcement, Axie Infinity reached 1 million daily active users. Two days after that, Axie Infinity reached $1 billion in NFT sales. A week later, Coinbase listed AXS on its platform.
As the second of these catalysts, he highlights that Coin Bureau Sky Mavis has raised $152 million in a funding round led by renowned crypto entrepreneur Andreessen Horowitz.
Thirdly and importantly, at the end of October, Axie Infinity got caught up in the hype around Facebook’s Metaverse rebrand as Axie Infinity is in the process of rolling out a Metaverse of its own.
Third, and more importantly, at the end of October, Axie Infinity caught the hype around Facebook’s rebranding as Metaverse, and the platform is in the process of launching its own Metaverse, according to the analyst.
Not to mention that the game has launched its own decentralized exchange, Katana.
“Katana is an automatic market maker like Uniswap and unfortunately only offers three trading pairs at the moment. Even so, the total value locked into the Katana is currently over a billion dollars.”
And the last price catalyst has to do with a Singaporean gaming guild called Crypto Gaming United or CGU. The platform has announced that it will provide scholarships of up to $4,000 to Axie Infinity players and a retirement plan that CGU is currently testing.
“Yes, you heard it right: a pension for players who play play-to-win games.”
Price Analysis
According to the Trader, Axie Infinity’s updates have pushed AXS to all-time highs, with AXS up almost 10x since January. However, AXS is still in a very strong uptrend and all-time highs seem to be on their way.
The analyst also points out that Axie Infinity has a large market cap, meaning it will require much more money than before to raise its price. At the same time, AXS stakers are earning significant AXS rewards and some are likely to sell out.
Still, Coin Bureau shares its strong belief that the increase in selling pressure is offset by continued adoption of Axie Infinity, which has created so much demand for AXS. And more importantly, he predicts that AXS could double once again before the crypto bull market ends.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.