Axie Infinity AXS Token Surges 9.5% Amid Play-to-Earn Sector Revival

Axie Infinity's AXS token experienced a significant surge of 9.5% in the past 24 hours, landing it at eighth place on CoinGecko's trending list with $136.4 million in trading volume and a market cap of $261 million.

The price move saw AXS trade near $1.54 during the early-morning window, with gains of 12.9% against Bitcoin (BTC) and 14.7% against Ethereum. This puts AXS among the stronger performers in the current 24-hour window.

Despite the increase, analysts are cautious, noting that a volume-to-market-cap ratio above 0.5 often indicates high short-term speculative activity rather than fundamental accumulation.

Axie Infinity's market cap rank has declined significantly from peak rankings above 20 during the 2021 play-to-earn boom. The game's model collapsed in 2022 due to a combination of token inflation, declining new player inflows, and the Ronin bridge hack that drained approximately $625 million in assets.

Since then, Sky Mavis has been working to rebuild portions of the game economy, introducing Axie Infinity Origins, a revised card-battle format, and redesigning the scholarship system to reduce inflationary pressure on the SLP token.