Axie Infinity's AXS Token Makes 9.5% Surge, Re-Enters Trending List

Axie Infinity's AXS token has made a significant comeback, surging 9.5% in the past 24 hours and re-entering the trending list on CoinGecko.

The price move sees AXS trading near $1.54, with notable gains against Bitcoin (BTC) at 12.9% and Ethereum at 14.7%. The token's market cap is now at $261 million, while trading volume exceeds $136 million, indicating high short-term speculative activity.

Axie Infinity, developed by Sky Mavis, was a global phenomenon in 2021 with monthly active users reaching approximately 2.8 million. However, the model collapsed in 2022 due to token inflation and the Ronin bridge hack, which drained $625 million in assets.

The Axie community has been debating how to deploy the Axie Community Treasury, holding a significant reserve of AXS, with proposals ranging from buybacks to developer grants. The short-term outlook for AXS is uncertain, with a high resistance zone between $2 and $3 that may cap further recovery attempts.