Axie Infinity has skyrocketed by about 300 percent over the past month and 12,000 percent in 2021. The altcoin presently trades at $72, slightly below its all-time high. Its blockbuster rally has left investors wanting to know Axie Infinity's (AXS) price prediction.
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What is Axie Infinity?
Launched in 2018, Axie Infinity is a Pokémon-inspired blockchain-based game where players can raise and trade NFT (non-fungible token)-based digital pets called Axies. The project's official cryptocurrency is AXS, which holders can stake to earn interest or participate in platform-upgrade decisions.
Why is Axie Infinity (AXS) rising?
The crypto has soared for several reasons. Investors have rushed to buy AXS following its Coinbase listing, as they expect the crypto’s value to appreciate because of Coinbase's broader investor exposure. The launch of Argentine soccer star Lionel Messi’s NFT has brought more attention to AXS as well.
Axie Infinity’s growing revenue is also generating significant investor interest. According to Token Terminal data, among crypto projects, Axie Infinity had the second-highest revenue over the last seven days, of $81 million. Ethereum came first, with $98 million in revenue.
How high can AXS go in 2021?
AXS hit an all-time high of $82 on Aug. 17 but has since retreated about 10 percent. Considering its potential catalysts ahead, the crypto could set another all-time high in 2021.
Is Axie Infinity (AXS) a good investment?
Investors may want to note that billionaire Mark Cuban is associated with the Axie Infinity project. The billionaire has helped raise money for Sky Mavis, the Vietnamese studio that developed the Axie Infinity game.
Several other recent developments suggest AXS has more room to run. Coinbase has expanded into Japan, promising an even greater investor exposure to AXS. Coinbase has emerged as a favorite for cryptocurrency purchases, and Japan has many institutional investors.
AXS could also benefit from Coinbase’s expanding crypto investments. Coinbase CEO Brian Armstrong has announced that the exchange will purchase $500 million in cryptocurrencies and plans to invest 10 percent of its profit in digital assets. As one of the best-performing cryptos in 2021, AXS should be a strong candidate for this investment.
Axie Infinity's (AXS) price prediction
In 2021, the crypto’s monthly gains have averaged 1,500 percent. Even if it grows just 5 percent per month, AXS could hit $90 by the end of 2021 and $800 by 2025.