Axie Infinity Coin Keeps Surging Past $150, Tripling in Value in 2 Weeks, As the DeFi Game Popularity Explodes

The crypto market has been volatile in the last several months, going up and down, but one cryptocurrency has shown immense resilience and has absolutely surged since early July. That cryptocurrency was trading at around $4 three months ago, while now it has surged above $150, which means an almost 4,000%  increase over this period.

The strongest bullish sign is that Axie is not waiting for the crypto market, but rather surging on its own, even when the market is retreating like today. The retreat down at the $50 area which was the high previously, turned into support, so the price bounced off that support zone and has been surging higher, picking up pace, especially in the last several days.

The reason for the exceptionally strong bullish run in this crypto token is the exponential growth in the past several months in terms of activity and engagement for the DeFi game which is based on the Ethereum network. The demand for this game keeps growing with an APR is 187%, due to the high amount of earnings and other rewards provided by Axie Infinity.

Users trying to take part in the game have to stake their Axie coins, which hikes the demand for these tokens, while the supply on the other hand goes down. Out of over 270,000,000  coins, around 20% have been staked on the platform, or around 58,000,000. This has helped the performance of Axie Infinity, which has a capitalization value of more than $2 billion now.

Axie Infinity released a huge airdrop of coins to early supporters before October 26. Zirlin released a statement that read:

 “Today, we will distribute 800,000 AXS to the missionaries that helped form the bedrock of our digital nation. This is over 60,000,000 USD worth of tokens and represents our commitment to making sure that Axie becomes a community-owned game.”

That comes up to more than $60 million worth of its AXS tokens. The Axie Infinity team announced the launch of staking capabilities on September 30. This attracted more members of the community, and holders have already staked more than 12 million AXS, hence the bullish momentum in AXS/USD.

AXS/BTC Daily Chart Analysis

So, the price is progressing further as the demand increases, which is pushing AXS/BTC higher as well. The price brome above the previous high and above the range, hitting our take profit target for the signal we had in this crypto pair. Now AXS/BTC is trading above $0.0030 as the Bitcoin retreats today.