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Axie Infinity, the popular play-to-earn (P2E) crypto game, has seen its $AXS token shoot up 16% in the last 24 hours and 30% over the past week. It’s a sudden turnaround for a P2E game that as of last week had lost 65% of its value since January.
There’s no clear catalyst for Axie Infinity’s sudden bullish movement. The metaverse game announced that it will host its Trio Championship on Twitch, the popular esports streaming platform, but that news on its own shouldn’t do much to move the needle for $AXS.
Still, traders have taken note of the surge. As the price has shot up, CoinMarketCap data shows that trading volume has jumped from less than $15 million earlier in the month to more than $170 million today.
While the current move is impressive, $AXS remains 97.5% below its all-time high. Axie Infinity gained huge popularity as one of the first P2E crypto games, but it has largely failed to hold gamers’ attention. The project suffered badly from a hack in March 2022 that stole an estimated $600 million in crypto and has never recovered.
Traders Hold Their Breath as $AXS Approaches Resistance Levels
The first test for Axie Infinity’s jump is likely to come when the token approaches $7. This is a key support/resistance level for $AXS that it broke below in June and has yet to retest.
Currently, $AXS is priced at $5.66. The token could begin encountering resistance at a price of $6.25 depending on the strength of the current move.
In a bullish sign for traders, the token has broken out from weak resistance at $5.10. In the event that $AXS fails to break through the $6.25-$7.00 resistance region, this level could serve as short-term support for another rally.
Meme Kombat Grabs Spotlight as Next Explosive P2E Game After Raising $850,000
While the volatility in Axie Infinity offers potential trading opportunities, savvy investors are looking beyond $AXS to find the next great P2E game. Several crypto analysts think they’ve found it in Meme Kombat, a new crypto game that pits some of the most popular memes against one another in virtual fights.
Meme Kombat features memes like Shiba Inu, Sponge, Doge, Milady Maker, Wojak, and more. Each of the memes has unique fighting stats and abilities, and they square off against one another in fights controlled by a randomized algorithm on the blockchain.
$MK token holders can stake their coins to bet on their favorite meme and win more $MK if their chosen victor prevails. Fights will follow a tournament style, offering dozens of betting opportunities until an overall meme champion is crowned.
Investors can lock in $MK at the lowest price during the project’s ongoing crypto presale. During the current presale round, $MK tokens are priced at only $0.1667.
As an added incentive for presale investors, they’ll be able to start staking their purchased tokens immediately and earn $MK rewards at a rate of 112% APY. So, there’s no need to wait until Meme Kombat officially launches to start earning a return from this token.
The Meme Kombat presale has raised more than $850,000 and is 85% sold out of its soft cap. Investors who want to join have to hurry to buy $MK before the presale sells out.
