Axie Infinity’s native token, Axie Infinity Shards (AXS), has gained over 38% on news of it being listed on two major crypto trading platforms, Bitfinex and Bitstamp.
Axie Infinity Shards (AXS) currently trades $66.18 as of the time of writing this report. In the past two days, AXS has gained approximately 38%, erasing all the losses that it incurred at the beginning of the week.
On Monday, the cryptocurrency market crashed as investors were on edge due to looming economic trouble in the Chinese property market surrounding Evergrande, one of China’s largest real estate developers. The company is said to be over $300 billion in debt and many analysts are calling the situation a “Lehman Brothers” moment, which caused the company to declare indebtedness as a result of a housing bubble in the United States.
Investors, as a precaution, shifted their capital out of the cryptocurrency market and sought haven in the U.S. dollar.
Many altcoins just like the AXS saw double figure losses which left a sea of red in the cryptocurrency market. The cryptocurrency market capitalization declined below the $2 trillion mark to stand as low as $1.77 trillion on Monday. However, we are seeing some recoveries as the market capitalization is looking to test the $2 trillion resistance zone as it currently stands at $1.97 trillion.
AXS recovery shows that the initial selloff was as a result of the token following the market trend. The tokens strong fundamentals, and the news of its listing on Bitfinex and Bitstamp, made it perform better than most of its top rival tokens.
Speaking of fundamentals, data from Axie World reveals that the platform has generated a revenue of approximately $182 million, the equivalent of 52,180.94 ETH, so far, in the month of September 2021. From the trajectory of things, it is unlikely for their revenue to surpass that of August, in which Axie generated $364 million (120,547.17 ETH).
Data from Ultrasound Money reveals that the Axie Infinity platform is accountable for the 5th highest burn rate on the Ethereum network. The platform has burned 10,337 ETH and it accounts for 2.92% of the total Ethereum network burns.