‘Axie Infinity’ price climbs to record high after massive airdrop to early birds

Over the last few years, the so-called “airdrops” have evolved into the cryptocurrency ecosystem’s equivalent of a federal government’s stimulus checks, as evidenced by prominent protocols like Uniswap and dYdX, which rewarded early users with token drops valued $30,000 to a whopping $2 million.

Axie Infinity (AXS), a blockchain-based war game that has increased in importance over the course of the year as users embrace its play-to-earn (P2E) gameplay concept, was the most recent protocol to delight its userbase with a wallet padding airdrop.

Soaring to new highs

The price of Axie Infinity (AXS) has risen to a new high. Furthermore, the price increase followed a massive airdrop to early backers as well as the availability of staking for AXS tokens.

At the time of writing, the AXS price was trading at $110.71 on CoinMarketCap, with a 24-hour trading volume of $4,528,538,731.

Staking capabilities were available on September 30, according to Axie Infinity. Furthermore, in just two days, members of the AXS community have staked nearly 9.8 million AXS.

Other gaming sites in the crypto industry, notably Yield Guild Games, have indicated they are now staking their AXS holdings as an effort to stimulate growth in the value of their individual ecosystems, recent tweets disclosed.

240% APR to investors

Data from Cointelegraph Markets Pro and TradingView show the price of AXS has soared 145% higher since hitting a low of $47.92 on Sept. 21, to a new peak of $118.00, while its 24-hour trading activity has increased from $421 million to $1.95 billion.

Furthermore, Axie Infinity promises a 240% annual percentage rate to its investors, with rewards powered by 78.3 million AXS tokens that the firm has reserved.

The AXIE team said 10,000 wallets were chosen from a snapshot made on Oct. 26 to get a portion of the 800,000 AXS airdrop, depending on the wallet’s activity level.

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