Those familiar with the world of crypto have certainly heard of Axie Infinity, the ‘play to earn’ game that has become a huge highlight on the blockchain scene. Not only has it captured the hearts of hundreds of thousands of players, but it has also caught the attention of investors and speculators, all attracted by its financial potential.
And now, there is something new in sight that could affect the price of AXS. On October 20th, Axie Infinity’s native token, AXS, will undergo a major movement. According to data from token.unlocks.app, 15.13 million AXS, equivalent to US$64.44 million, will be released into circulation.
This volume represents no less than 11.5% of the game’s current circulating supply, which is 141.31 million AXS. In comparison, AXS trading volume over the last 24 hours was $40.12 million. Therefore, it is undeniable that this release of tokens will bring significant movements in the price of AXS.
But where will these unlocked tokens go?
Here’s the breakdown:
- The Axie Infinity team will receive 40% of the amount, which corresponds to 6.08 million AXS or US$25.91 million.
- Consultants will keep 3.66%, i.e. 554,750 AXS, valued at US$2.36 million.
- The ‘play to win’ program will take 22% of the pie, totaling 3.38 million AXS, which totals US$14.38 million.
- The Ecosystem Fund will benefit from 11% of the release, representing 1.69 million AXS or US$7.19 million.
- Finally, staking rewards will add up to 23%, equivalent to 3.43 million AXS or $14.59 million.
The question that remains is: how will this flood of AXS on the market influence its value? With the release of this volume of tokens, there may be a downward trend in the price, especially if we consider the possible realization of profits by holders. However, it is also necessary to take into account the strength of the project and the commitment of its community.
At the time of publication, the price of AXS was quoted at US$4.28, up 1.6% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.