This weekend, the market displayed a flow reminiscent of riding a roller coaster. Following reports that Bank of America, one of the major financial institutions in the U.S., allowed some customers to trade Bitcoin derivatives, a temporary sense of anticipation for price rebounds developed.
However, following the announcement that Janet Yellen, the head of the U.S. Treasury, will convene a policy meeting on stablecoins next week, the price of Bitcoin has adjusted back down to the low $31,000 range.
In the morning hours, over $1 billion worth of Bitcoin deposits and withdrawals were repeated on Coinbase Pro wallets, leading to various interpretations among market participants. Institutional buying, internal transfers, or the possibility of mass liquidations were all mentioned, but the exact purpose remains unclear.
As such, the news of the meeting being convened is likely to be interpreted as a negative signal indicating regulatory tightening, so it is necessary to closely watch the market trends next week.
Overview of the Axie Infinity (AXS) Project
Axie Infinity is regarded as one of the most prominent cases among game-based digital asset projects. The game design was inspired by the popular IP Pokémon, and users can collect and raise their own characters while engaging in various activities such as battles, exploration, land ownership, and development.
In-game assets are all implemented based on blockchain technology, allowing for free trading of rare characters and land, or distribution in external marketplaces. In fact, some NFT assets are traded for tens of millions of won and are being spotlighted as a means of generating income beyond mere game elements.
Users can purchase content through AXS tokens or earn them as rewards in games, and these assets are also awarded for winning battles between players. Given that blockchain technology is functioning with practical usability, it is evaluated as a project that is easily accessible even to users with a lack of technical understanding.
AXS Price
Axie Infinity has been gaining significant attention in terms of price as the NFT theme has recently surged. In less than two weeks, the price, which was around 4,000 won, skyrocketed to about 34,000 won, garnering enough popularity to be called the 'Coin of the Month' on major exchanges, including Upbit.
The total supply is 270 million, of which about 60 million are circulating. In terms of market capitalization, it ranks around 60th in the global digital asset rankings and is among the top in NFT projects. Even as major NFT-themed tokens decline, Axie has maintained relatively strong upward momentum.
Axie Infinity is not just a simple game but is expanding its ecosystem through continuous updates. The development team is adding features like a staking system, community participation governance model, and new game modes, and is making significant efforts to improve user experience.
One reason this project has received long-term stable interest is that a clear use case and constant development activities are working in tandem.
Axie Infinity is one of the investment portfolios of blockchain investment firm Hashed. In May, Hashed, along with 500 Startups, Blocktower Capital, and others, participated in the Series A follow-up round of Sky Mavis, raising a total of $7.5 million.
Additionally, it has formed partnerships with Klaytn, MakerDAO, Samsung, and is listed on major exchanges such as Binance, FTX, Huobi, Gate.io, and Upbit. Such global partnerships and the trust of major investors play a significant role in enhancing the project's credibility and scalability.
Comprehensive Outlook
Due to the rapid surge in a short period, a temporary price correction seems inevitable, but Axie Infinity is recognized not simply as a speculative project but as a usability-centered platform with an actual user base.
As the blockchain-based gaming market expands in the future, the actual demand for AXS is likely to increase, especially as a project that encompasses both the NFT and GameFi crossover markets, continuous attention is expected.
Currently, it is advisable to include it in the watchlist and monitor its trends, and a strategic approach from a medium to long-term perspective is needed rather than excessive short-term approaches.
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