Though Axie Infinity Shards (AXS), the cryptocurrency that powers one of web3’s leading play-to-earn crypto games Axie Infinity, has now pulled back by close to 20% from the highs it hit above $14 per token just a few days ago, the cryptocurrency is still up around 90% this month.
AXS/USD was last changing hands just below $11.50 and some are hoping that the latest revival might be the start of a broader move to the upside for the cryptocurrency. AXS is still down around 93% versus the record highs it printed in late 2021 in above $170. But the latest near 140% trough-to-peak rally is the largest rebound that AXS has seen since the bear market began.
Past bear market rallies had seen trough-to-peak rebounds of around 70-80% before AXS then turned lower once again. Thus, the latest rebound is being interpreted by some as more than just another bear market rebound. AXS isn’t the only altcoin to have seen explosive gains this month, as investors increasingly return to the most speculative corners of the crypto investment space as risk appetite returns.
Perhaps one of the best potential ways that investors might be able to secure 10x gains is via investing in token presales. Here is a list of tokens that the Cryptonews.com Industry Talk team think have the potential to explode when they move from the presale stage to trading on exchanges later this year, assuming the rebound in altcoins continues.
The young move-to-earn crypto niche has shown a lot of promise, but early success stories like STEPN have significant limitations that have, so far, prevented them from conquering the mainstream. Fight Out, which touts itself as the future of move-to-earn, wants to change that in 2023. Fight Out is a brand new web3 fitness applicationRead more on cryptonews.com