Axie Infinity's AXS Token Surges 9.5% Amid Play-to-Earn Revival Hopes

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

Against Bitcoin (BTC), AXS gained 12.9%, while against Ethereum, it increased by 14.7%. The token's price move has put it among the stronger performers in the current 24-hour window.

The surge in trading volume indicates high short-term speculative activity rather than fundamental accumulation, as the volume-to-market-cap ratio exceeds 0.5.

Axie Infinity, developed by Sky Mavis, initially launched in 2018 and gained popularity during the 2021 play-to-earn boom, with monthly active users reaching approximately 2.8 million at peak. However, the model collapsed in 2022 due to a combination of token inflation, declining new player inflows, and the Ronin bridge hack.

Since then, Sky Mavis has been rebuilding 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. The play-to-earn sector broadly lost momentum after 2022, but Axie Infinity maintained a smaller yet committed player base.