In this article we go over what the latest market news is for the play-to-earn crypto project Axie Infinity.
In particular we take a look at what has been posted by Jeff Zirlin, co-founder of Axie, on his official X profile and what vision he has for the future of his decentralized blockchain-based play.
Let’s also take a look at the price of AXS, a cryptocurrency that was crushed by the bear market of 2022 but that in the next upward rush could provide nice satisfaction for its holders.
Full details below,
The latest crypto news for Axie infinity
In the last few days Jeff Zirlin, co-founder of Axie Infinity, has been speaking highly on X about his play-to-earn crypto project creating fomo among his own community.
In detail, there are 3 posts on social media that have made people talk about Axie and a possible return to its heyday as in 2021.
The first among them concerns a reflection on the general state of the cryptocurrency market, more specifically that we are at the peak of one of the longest bear markets ever. Jeff, also known by the nickname “Jihoz,” believes that the teams that have continued to develop and build their infrastructure during this long crypto winter will enjoy excellent results starting in the summer of 2024, a time when a new bull run could likely officially begin.
Zirlin mentioned Ethereum in his motivational speech, recalling that at this time of year during the previous cycle (i.e., October 2019) the price of ETH was only $180 and by now almost everyone in the crypto community had lost confidence and believed that the coin would never return to the highs.
Now we are in the most delicate moment of any bull/bear cycle where the boredom given by the bearish market of the past 2 years is about to take over, and it could lead us to make some serious miscalculations.
The co-founder of Axie Infinity urges us to trust the process and to wait calmly for the return to glory.
Another post published on X, concerns old news that was reported by Jeff himself with great pride.
We are talking about a letter sent by the U.S. Congress to Apple CEO Tim Cook in July of this year , in which the two members of the governing body Bilirakis and Schakowsky called on the multinational tech company to be more proactive toward the world of decentralized blockchain-based applications:
The two congressmen had noted that Apple had used internal rules in its “App Store” only with a view to maximizing corporate profit by purposely limiting the user experience of blockchain- and NFT-based products, without giving the slightest thought to the technological value the U.S. might lose to other competitors such as China.
In that letter, Bilirakis and Schakowsky had mentioned Axie Infinity as an example of industry innovation, implicitly inviting Tim Cook to rethink the 30% taxation formula for NFT projects that would like to land in Apple’s store without limiting some functions to U.S. citizens.
Finally, it is fitting to report a post published yesterday, also by the creator of Axie Infinity, showing how from 20 September to 20 October, the Smooth Love Potion (SLP) cryptocurrency resource internal to the play-to-earn game, had a remarkable deflation rate in which burns were 1045% greater than mints.
This means that more SLPs have been burned than have been created in that period, effectively contributing to the bullish momentum of crypto, which has almost doubled in price in the past month, thanks in part to the help given by Bitcoin and its latest rally
AXS crypto price forecast and analysis
Let us now move on to analyze the market price trend of crypto AXS, the governance token of the Axie Infinity ecosystem, which in the last bull run made several early adopters of the project millionaires.
Since AXS was added to Binance’s launchpad in August 2020 and listed later on the same exchange’s marketplaces, the cryptocurrency’s price has exploded upward.
From October 2020 to October 2021, the price of crypto went from $0.10 (listing price) to highs of $166, a crazy 160,000% increase.
This means that every dollar invested in October 2020 in Axie Infinity’s currency would have been worth $1,600 just one year later.
Starting in the last quarter of 2021, however, things got progressively worse and worse for the cryptographic project and its digital asset.
The onset of the bear market led to a decline in interest in gaming, blockchain, and NFT-based products resulting in the devaluation of all cryptocurrencies used in these contexts.
The high inflation suffered by AXS also contributed to the collapse of the 2022 token, which ended the year at $6, about 96.5% below all-time highs.
At the moment, after 10 long months of sideways/distribution, AXS trades at a paltry $5.82.
The rise in recent days, dictated by Bitcoin’s boost and the likely imminent approval of BlackRock’s spot ETF, is not a game changer for Axie Infinity.
The value of its benchmark token is still abundantly buried, and more is needed to reverse the price structure.
This situation can be read in two ways: those who do not believe in the future of AXS can take advantage of these temporary bullish situations to go out and build a speculative short position, betting on the asset’s weakness.
On the other hand, those who support Axie Infinity and think that in the bull run of 2024 there will be room for the play-to-earn projects to rise can take advantage of these tasty opportunities to accumulate tokens and adjust the average carrying price of their positions.
Recall that Axie Infinity is the largest blockchain gaming project present to date, hence a hypothetical growth of this niche sector would unquestionably bring a major effect on the fortunes of AXS as well.