Amid a wider crypto market recovery, Axie Infinity became the largest gainer among the top 100 cryptocurrencies, as per Coingecko. Other metaverse and NFT-focused cryptocurrencies also performed significantly well with Axie infinity trading volume surging among its rivals including Flow (FLOW), Apecoin (APE), and Sandbox (SAND).
Moreover, Its AXS governance token soared 25.6% in the last 24 hours. At the time of writing, AXS trade stands at $8.54 while it has secured its position as the 46th largest cryptocurrency boasting a market cap of slightly over $970 million.
The reason for the bullish price action of the metaverse and NFT-focused tokens is the rising sales volume over the past 24 hours. As per the data from CryptoSlam, the trading volume of Axie Infinity showed dramatic swings between roughly $18,000 and $48,000 over the past few hours.
Though AXS is on the rise, 2022 has been rocky which made AXS suffer a loss of 94.8% of its value from its ATH of $164.90 in November 2021. Given the current bullish price movements, approximately $20,000 in AXS short trades were liquidated in the past 24 hrs.
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