{"id":1226,"date":"2021-07-28T10:48:02","date_gmt":"2021-07-28T09:48:02","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1226"},"modified":"2021-07-28T10:48:02","modified_gmt":"2021-07-28T09:48:02","slug":"axie-infinity-axs-breaks-out-above-50","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/axie-infinity-axs-breaks-out-above-50\/","title":{"rendered":"Axie Infinity (AXS) Breaks Out Above $50"},"content":{"rendered":"#\n

Axie Infinity<\/a> (AXS) is making a claim on becoming one of the hottest new crypto projects. The NFT marketplace platform is growing in popularity, at least based on reported collectible token sales. Axie Infinity has built up a very active gaming community in the Philippines. The country is one of the early adopters for multiple crypto projects, boosting cross-border transfers and serving as a source of passive income.\u00a0<\/p>\n\n\n\n

AXS market prices peaked above $53, while the market recovered and BTC prices<\/a> remained close to the $40,000 tier. AXS later backtracked to $46.02, on volumes above $5B. This trading activity is unusual for a newly arrived project.\u00a0<\/p>\n\n\n\n

AXS depends on Binance exchange trading<\/a>, though its leading pairs have limited liquidity and the potential for significant slippage.\u00a0<\/p>\n\n\n\n

Are Axies Taking Over the NFT Space<\/strong><\/h3>\n\n\n\n

Fans of Axie Infinity claim the project is taking the top spots in terms of sales and adoption. Axie Infinity is a project focused on the Asian community. <\/p>\n\n\n\n

NFT statistics, however, rank Axie Infinity on position 61 based on a mixed indicator of sales, engagement, retention and the underlying value of assets. Currently, NFT projects achieve relatively lower, but stable sale and resale volumes. <\/p>\n\n\n\n

Art Blocks Curated has taken the top spot on the OpenSea NFT market, and CryptoPunks remains an all-time popular, taking the second spot. Axie Infinity marks relatively lower sales on the OpenSea market. <\/p>\n\n\n\n

The price of separate NFTs is relatively lower, at around 0.3 ETH<\/a> per character pack. One of the reasons for this is that the mission of Axie Infinity is to build up a gaming world, and not reach top prices for collectible value.\u00a0<\/p>\n\n\n\n

How Risky is Axie Infinity<\/strong><\/h3>\n\n\n\n

Like most digital token projects, Axie Infinity opens investors to various risks. As a speculative trading asset, AXS is volatile and mostly used for its potential for relatively fast gains. Most recently, AXS dipped from its temporary peak above $26, erasing 50% of its value before climbing to a new high. <\/p>\n\n\n\n

AXS is still in a price discovery stage, and may see similar price moves with the potential for a significant drop from its highs.<\/p>\n\n\n\n

Other risks are purely technological, and may expose new users to fake wallets. The game and the NFTs are accessible through browser add-ons, and has no native wallet. The project warned of faked apps presenting as a native Axie Infinity Ronin wallet. <\/p>\n\n\n\n

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There is no Ronin Mobile Wallet at the moment.

Scammers are uploading fake Ronin wallets in many locations.

These are the only official extensions.

Chrome: https:\/\/t.co\/UMYWi8EjKm<\/a>

Firefox: https:\/\/t.co\/PANdZPU2Bl<\/a><\/p>— Axie Infinity (@AxieInfinity) July 24, 2021<\/a><\/blockquote>