Axie Infinity Token Surges as Play-to-Earn Momentum Grows

Axie Infinity's token price surged 9.5% over the past 24 hours, propelling it to the eighth spot on CoinGecko's trending list with a trading volume of $136.4 million.

The token now has a market capitalization of $261 million and has traded near $1.54 in the early morning window. Against Bitcoin (BTC), AXS gained 12.9%, while against Ethereum, it climbed 14.7%.

This price move comes as the play-to-earn sector starts to gain momentum again, with Axie Infinity maintaining a dedicated player base despite the broader decline in 2022. Sky Mavis has been working on rebuilding the game economy and redesigning the scholarship system to reduce token inflation.