The governance token of the Ethereum-based game, Axie Infinity is setting new record with recent surge. Additionally, it touches a new all-time highs after introducing a staking program.
Notably, the governance token abbreviated as AXS (Axie Infinity Shards) spikes to a new all-time high at $155.88. Which of course, is over 140% in just one week, according to CoinGecko.
Axie Infinity Shards, AXS sees 112,442% increase since its all-time low at $0.12 in November last year. More so, this recent all time high is due to Axie Infinity launching staking. Also, distributing hundreds of thousands of AXS tokens to early adopters. Meanwhile, Axie Infinity rolls out the AXS staking program since September 30th. Also, at the inaugural month of staking, Axie Infinity promises to distribute $300 million worth of AXS as rewards.
“During the first month of staking we will distribute 2,000,000 AXS…”
“…This is 64,516 AXS per day and 2.24 AXS per block (there are ~28,800 blocks in a day).”
Meanwhile, Axie Infinity reveals plans to distribute 78.3 million AXS to users who staking their coins in the next 5.5 years.
Consequently, AXS number of staking is just over 12.4 million, amounting to $1.9 billion. Of course, with an annual percentage rate of 179%. SpartanBlack, the fictitious named partner at the digital asset investing firm Spartan Group goes on to note that AXS look bullish.
“12.5 million AXS staked and growing…”
“With staking yields still at 188%, I expect there will be a supply crunch for AXS…”
“Meanwhile, with a P/E [price to earnings ratio] of 11.2X, AXS could double from current levels and its valuation…”
“…would still look reasonable vs other DeFi [decentralized finance] and gaming Dapps [decentralized applications].”
Conclusively, apart from launching the staking program. Axie Infinity goes ahead to distribute 800,000 AXS tokens to the community members. Especially to those joining about a year ago or earlier.
“We are distributing AXS tokens to our founding community member’s Ronin…”
“…wallets based on the snapshot taken on October 26th, 2020.”
