The current market price of the Axie Infinity is $7.19 (as of November 14, 2022) and has increased by more than 7% in just 24 hours. Although its price has fallen by about 26% in a week, it is still worth mentioning its one-day surge in this bearish trend of other gaming cryptocurrencies.
Note that other gaming cryptocurrencies, including Decentraland, Sandbox, Apecoin, Reef, and Stepn, declined by 37%, 34%, 44%, 40%, and 39% respectively in a single day.
Therefore, it is worth noting the upward movement of 7% of Axie; So, we tried to find the reason for the same.
Recently, on November 13, 2022 (one day before AXS price hike), a Binance user CarlosOMFG, tweeted that his Binance account had been hacked and one million dollars worth of AXS was purchased from his account.
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The Binance CS team found that the purchase was made through the API. The user has only one active API key and it has been used on a crypto trading bot platform called Skyrex. In another tweet Binance CEO, CZ confirmed that 3 other similar cases were reported where users shared their API key with any third-party platform and then saw unexpected exchanges.
Subsequently, the user clarified that he had already resold all AXS tokens as soon as he found out about this purchase.
A million dollars is a huge lot of money and if the Twitter user’s claim is true, then this purchase can really be one of the reasons behind the sudden increase in the price of AXS in just one day.
Another factor contributing to Axie’s growth may be the increase in the number of active users on its Axie Origin platform. Axie Origins averaged 1k downloads per day, a huge number. The reason behind its popularity may be the improved gameplay and graphics in Axie Origins. In addition, the game provides some free starting axes to play with.
Whether it’s the fake pumping or the actual growing popularity of the Axie infinity, it was a really big day for Axie because the surge wasn’t expected in this bearish trend.
~Charu Taneja
