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With a pump of 70% in the past 24 hours, the AXS token has surpassed $100 to hit a new all-time high of $121. The $6.9 billion cryptocurrency is up 191x year-to-date.
Interestingly, back in November 2020, when the price of AXS was less than $0.50, Axie Infinity struggled to get investors. At the time, the project reported selling 4% of its total supply token to raise $864,000 in a private sale of 10,800,000 AXS to strategic investors in the middle of 2020.
The investors, including the likes of Arca, Three Arrows Capital (3AC), DeFiance Capita, DeFi Capital, and others, along with angel investors including Alex Svanevik of Nansen, purchased AXS at a 20% discount.
“Craziest thing is at the time of the round, it was so undersubbed that many people invested just to support ecosystem without any expectation of returns,” noted Su Zhu, co-founder, and CEO of 3AC. “World is unbound growth.”
AXS first gained traction this year between July and August, during which the price went from $6 to $79. After experiencing the woes in September, where it dropped to $50, AXS has started October or, as the crypto community calls it, “Uptober” with a bang.
This latest uptrend coincides with staking going live on the protocol on Sept. 30. So far, 10.36 million AXS worth $1.17 billion have been staked at an estimated reward of 227% APR.
According to the team, “Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens.” The team also plans to introduce voting rights to those who stake their AXS and have a say over the use of the Community Treasury, which now holds over two billion dollars worth of tokens.
Staking the AXS tokens allows the users to earn the token rewards. Currently, 64,516 AXS are being distributed as rewards daily.
AXS tokens are distributed to the founding community member based on the snapshot taken on October 26th, 2020.
$AXS finally getting starting to get valued more appropriately by the market. However, the market is still not giving Axie Infinity the benefit of the doubt that they can sustain their current earnings level. pic.twitter.com/GmgR42ETLK
The NFT blockchain game is already the second-largest revenue generator in the last three months at $783 million after Ethereum, according to Token Terminal. Overall, it stands at 3rd spot, having earned $805 million so far after Ethereum’s $1.3 billion and $1.5 billion by Filecoin.
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