Axie Infinity's AXS token has seen a remarkable increase of over 200% in 2026. According to NS3.AI, this surge is attributed to new token structures, robust trading activity in South Korea, and a renewed interest in GameFi. Despite the impressive price rise, on-chain data reveals an increase in token supply on exchanges, stagnant user growth, and heightened speculative futures activity, which raises concerns about the sustainability of this trend. Investors are encouraged to consider the strong demand alongside these cautionary indicators, especially given the high volatility and risks of liquidation.