If you’re familiar with blockchain and cryptocurrency, you’ve likely heard about AXS Crypto, the blockchain-based platform powering the wildly popular Axie Infinity game and marketplace. Here, we will look at the origins of AXS Crypto, its profitability, price journey, recent price decline, and what the future holds.
Table of Contents
Origins of AXS Crypto: From Gaming to Blockchain
AXS Crypto was created by the development team behind Axie Infinity, a blockchain-based game that allows users to collect, breed, and battle fantasy creatures called Axies. The game quickly became a sensation, attracting a growing community of players and investors. The platform uses a unique proof-of-stake consensus algorithm called Ronin, designed to be fast, scalable, and secure.
Profitability of AXS Crypto: A Growing Market
AXS Crypto has been one of the most profitable cryptocurrencies recently, with its market cap reaching over $15 billion in 2021. Its profitability is primarily attributed to the success of the Axie Infinity game and marketplace, which has attracted a growing community of users and investors. In addition, the platform generates revenue from various sources, including the sale of Axies, land, and other virtual assets.
Price Journey of AXS Crypto: A Rollercoaster Ride
The price of AXS Crypto has been on a wild ride since its launch. In August 2020, AXS was launched for $0.12; by July 2021, it had skyrocketed to an all-time high of $71.93. However, like many other cryptocurrencies, the price of AXS has been subject to significant volatility, with its price declining by over 93% from all-time high level of $165.
Recent Price Decline and the Future of AXS Crypto: What’s Next?
The current market cap stands at $986 million with a circulating supply of 115.6 million AXS. The price has declined by 7% in 1 week with current price being $8.5. Let’s take a look at charts for determining its next move
In a 2-hour time frame, the price is moving inside the descending channel. Currently, the price is getting rejected from the POC level and resistance trendline. We have to wait for a successful breakout or breakdown to confirm its next direction.
The recent price decline of AXS Crypto is primarily attributed to market volatility and a broader market downturn in the cryptocurrency space. However, the future of AXS Crypto looks promising, with the Axie Infinity game and marketplace continuing to attract new users and generate revenue.
The platform has also announced plans to expand its capabilities, including launching a mobile application and integrating new features like staking and governance.
In Conclusion: AXS Crypto Is Here to Stay
In conclusion, AXS Crypto is a promising blockchain platform that powers one of the most successful NFT marketplaces in the world. Despite experiencing some price volatility, AXS has seen a rise in previous years and is expected to continue to rise in value.
As the blockchain and cryptocurrency space continues to evolve, AXS Crypto is likely to play a significant role in shaping the future of digital assets and virtual economies. Look out for more updates on this exciting project!
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