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.
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