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Axie Infinity to release $63M AXS tokens, soars by 48%: is the game making a comeback?

Winnie Kimeu

Writer, News

Jan 26, 2023 at 03:22

The bear market of 2022 dealt a crushing blow to Axie Infinity, threatening its very existence. As NFT fever cooled, the game was left reeling from the market downturn.

Axie Infinity Game Illustration
Axie Infinity Game Illustration

According to, the game has struggled to keep players engaged, dropping back to player numbers last seen in November 2020. 

Related reading: Axie’s acceleration: The AXS gaming token is up 50% — how long will the high price last and is it a good investment?

Nonetheless, recent developments may have sparked a resurgence in the game and the value of the token, AXS.

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CoinGecko data reveals that the AXS token has been on an upward trajectory, with gains across all time frames.

AXS price Jan 26, 2023. Source: CoinGecko
AXS price Jan 26, 2023. Source: CoinGecko

However, particularly impressive is the biweekly time frame, boasting a 48% increase.

The reason for the uptake

On December 28th, the developers of Axie Infinity unleashed “Homeland,” the game’s highly-anticipated land-based experience. Available exclusively to landowners, this alpha release serves as an opportunity for the developers to gather player feedback and test out new features.

Despite being in an early stage, the current release already includes essential features such as idle battles, trading, and a leaderboard.

Moreover, on January 30, 2023, the Axie Infinity ecosystem will unleash a massive influx of AXS tokens, valued at $63 million.

The long-term effects of the launch of Homeland and the flooding of the market with a vast number of AXS tokens is yet to be determined.

AXS predictions

As the price of AXS fluctuates, bullish investors are striving to solidify their foothold above the $11.95 support level. Should they succeed, the token may gather enough force to surge past the $12.30 barrier.

AXS - USDT Chart with RSI. Jan 26, 2023. Source: CoinmarketCap
AXS – USDT Chart with RSI. Jan 26, 2023. Source: CoinMarketCap

Furthermore, the introduction of new tokens may ignite a sell-off, causing AXS to plummet back to its $11.10 support. However, with a transparent roadmap for the game’s progress, investors and gamers can have faith in the direction in which Homeland is headed.

In conclusion

Though a temporary downturn is forecasted for the near horizon, the strides made by the Axie Infinity team should be able to weather the bearish storm.

Additionally, those bullish on AXS should also keep an eye on Bitcoin’s value, as it may have a ripple effect on the token’s future performance.

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