Axie Infinity Price Soars 16% as Traders Eye Potential P2E Token Rally

Crypto News- Axie Infinity Price Soars: In a surprising turn of events, Axie Infinity, the well-known play-to-earn (P2E) crypto game, has witnessed a remarkable 16% upswing in the value of its native $AXS token within the last 24 hours, marking a significant 30% increase over the course of the week. This sudden resurgence comes on the heels of a tumultuous year where the P2E game had seen a significant depreciation of 65% in value since January.

The precise catalyst driving this bullish momentum for Axie Infinity remains somewhat elusive. While the metaverse game did announce its upcoming Trio Championship on Twitch, a popular esports streaming platform, such news alone typically wouldn’t be considered a major price driver for $AXS.

Nonetheless, traders have keenly taken note of this substantial price surge. CoinMarketCap data reveals a surge in trading volume, soaring from less than $15 million earlier in the month to an impressive $170 million today. Nevertheless, it’s worth highlighting that despite this impressive rally, $AXS still lags significantly at 97.5% below its all-time high.

Axie Infinity Price Soars 16% as Traders Eye Potential P2E Token Rally

Axie Infinity initially gained immense popularity as one of the pioneering P2E crypto games. However, it has grappled with retaining the attention of gamers, primarily due to the setback it faced from a major hack in March 2022, resulting in the theft of an estimated $600 million in cryptocurrencies.

Traders Tread Cautiously as $AXS Nears Resistance Levels

The first significant test for Axie Infinity’s recent surge is expected to occur as the token approaches the $7 price point. This level holds substantial significance, as it formerly acted as a crucial support/resistance level for $AXS before it dipped below in June, and it has yet to be retested.

At the time of this report, $AXS is priced at $5.66. The token might encounter resistance around the $6.25 mark, depending on the strength of its ongoing upward momentum.

In a positive development for traders, the token has successfully broken through a relatively weak resistance level at $5.10. Should $AXS fail to breach the $6.25 to $7.00 resistance range, this level may serve as short-term support, paving the way for another potential rally.

Meme Kombat Gains Prominence as the Next Explosive P2E Game Following a Lucrative Fundraising Round

While the volatility in Axie Infinity provides trading opportunities, astute investors are already on the lookout for the next promising P2E game. Meme Kombat has emerged as a noteworthy contender, garnering attention from multiple crypto analysts.

Meme Kombat is a novel crypto game that showcases virtual showdowns between popular memes. Memes like Shiba Inu, Sponge, Doge, Milady Maker, Wojak, and others engage in battles, each possessing unique stats and abilities, with outcomes determined by a randomized blockchain algorithm.

Holders of the $MK token have the option to stake their tokens to bet on their preferred meme, with the chance to earn additional $MK tokens if their chosen meme emerges victorious. The tournament-style battles offer numerous betting opportunities until an ultimate meme champion is crowned.

Investors have a unique opportunity to acquire $MK tokens at the most favorable prices during the ongoing crypto presale, with tokens currently available at just $0.1667 in the current presale phase. Furthermore, early investors can immediately start staking their acquired tokens, earning $MK rewards at an enticing annual percentage yield (APY) of 112%. This means that returns can begin accumulating even before the official launch of Meme Kombat.

The Meme Kombat presale has been exceptionally successful, amassing over $850,000 and is presently 85% sold out of its soft cap. Investors who wish to partake in this opportunity should act promptly to secure their $MK tokens before the presale reaches its limit.