#AxieInfinity $AXS *** A dinosaur from the past cycle seems to wake up after a deep fall.
*** The recent rise of the AXS token appears to be mainly due to a structural change in the tokenomics of Axie Infinity:
🚀The protocol has started to replace direct rewards in AXS with bAXS, a non-tradable version, drastically reducing selling pressure in the market.
With less AXS being dumped on exchanges, there was a
perceived supply shock, while demand increased.
On-chain data indicates accumulation by large holders (whales) at historically low price levels, which helped initiate the upward movement.
Additionally, the token broke through important technical resistances, attracting momentum traders and also with a certain recovery of the GameFi sector.
In summary, AXS is rising now due to a combination of
lower selling pressure, on-chain accumulation, technical improvement, and narrative recovery.
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