This Red-Hot Altcoin Is Up a Staggering 68,500% in Less Than One Year

One surging gaming-based altcoin is vastly outperforming Bitcoin, Ethereum and other large-cap crypto assets amid its meteoric ascent in the last nine months.

CoinGecko shows that Axie Infinity’s governance token AXS has surged from a low of about $0.12 early last November to an all-time high of $82.40 on August 21st. The move represents staggering gains of more than 68,500% in less than one year.

The 40th-ranked crypto asset by market cap is trading at $72.40 at time of writing,

Axie Infinity is a play-to-earn online game developed by gaming startup Sky Mavis. Its players can generate profits through buying, breeding, and selling digital pets known as Axies. Each Axie is minted as a non-fungible token (NFT), enabling players to verify the authenticity of the digital creature in the blockchain.

AXS launched across Coinbase’s crypto trading platforms earlier this month, which may have contributed to its 68.7% surge in price in the past 30 days.

The game itself has also seen a wave of interest: Axie Infinity hit more than 1 million Android users last week, according to a Twitter post from the crypto project.

1 M Android users today! pic.twitter.com/7jWFGzLYGR

— Axie Infinity (@AxieInfinity) August 27, 2021

Additionally, Axie Infinity NFT sales have ballooned to more than $827 million in the past 30 days, according to NFT data aggregator Crypto Slam. That’s nearly 50% of the project’s roughly $1.66 billion in lifetime NFT sales volume.

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Featured Image: Shutterstock/sdecoret/Dario Lo Presti

The post This Red-Hot Altcoin Is Up a Staggering 68,500% in Less Than One Year appeared first on The Daily Hodl.