Why is Axie Infinity (AXS) price rising today?

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Why is Axie Infinity (AXS) price rising today?

By Charles Thuo - min read

Axie Infinity (AXS) is leading the metaverse and NFT tokens amid a wider crypto market recovery.

KEY TAKEAWAYS

  • At press time, AXS was trading at $8.71 up 21.37% in the past 24 hours.
  • According to CoinMarketCap, AXS is the biggest gainer today.
  • The global crypto market cap has increased by 0.43% today to reach $857.46B.

Metaverse and NFT tokens including Axie Infinity (AXS) and the likes of Sandbox (SAND), and Decentraland (MANA) have made significant gains today. While it can be attributed to the recovery of the broader crypto market, The AXS price rise is so distinct and there is surely something behind the movement.

Here’s what is making AXS price rise

Axie Infinity’s native token has had a rocky 2022 and it seems it is up for a recovery in December. Although the token is still way far from its all-time high (ATH) of $164.90 recorded in November 2021, today’s price surge could be the beginning of a splendid rally towards the ATH.

But why is the AXS price rising? Well, according to data from NFT data platform CryptoSla, the Axie Infinity trading volume has reached a high of $48K over the past few weeks meaning there is an increased activity within the Axie Infinity ecosystem.

The increased activity is largely the one behind the current price surge.

Approx. $2.28M AXS short positions liquidated

According to data from Coinglass, about $2.28M worth of AXS short positions have been liquidated over the past 24 hours following the current price surge.