Saturday, September 23, 2023
HomeEthereumEthereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock

Ethereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock

Ethereum (ethereum)-based gaming altcoins surged this weekend ahead of a big token unlocking event, defying conventional trading wisdom.

Axie Infinity (AXS) rose more than 50% from trading around $9.20 on Saturday to Sunday’s high of $13.84.

AXS, the 41st largest crypto asset by market capitalization, has since made a partial comeback, trading at $12.18 at the time of writing.

A price spike preceded the unlocking event of about 4.8 million AXS tokens on Monday, according to the Tokennomics Data website. token unlockUnlocking events accounted for 1.812% of the total supply of assets, worth over $60 million at current prices.

The recent AXS price movement defies conventional wisdom regarding token unlocking, which gives investors the opportunity to sell their digital assets after the vesting period has expired. Traditionally, token unlocking was seen as a bearish catalyst.

Axie Infinity’s next token unlock event will occur on April 17th. According to TokenUnlocks, the unlock represents his 1.45% of the total supply of assets (worth about $50 million at the time of writing).

AXS has gained more than 100% since trading around $6.00 in early 2023. Despite the price surge this month, the token remains down more than 92% from its November 2021 all-time high of $164.90.

Don’t miss the beat – apply To get encrypted email alerts delivered directly to your inbox

check price action

Please follow us twitter, Facebook When telegram

surfing The Daily Hodl Mix

Check out the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Generated image: In the middle of the journey

- Advertisment -
Google search engine

Most Popular

Recent Comments