An Ethereum (ETH)-based gaming altcoin surged this weekend ahead of a large token unlocking event, defying conventional trading wisdom.
Axie Infinity (AXS) rallied from trading around $9.20 on Saturday to a high of $13.84 on Sunday, a more than 50% increase.
AXS, the 41st-ranked crypto asset by market cap, has since partially retraced and is trading at $12.18 at time of writing.
The price jump happened in advance of a roughly 4.8 million AXS token unlocking event that happened on Monday, according to the tokenomics data website TokenUnlocks. The unlocking event represented 1.812% of the asset’s total supply and was worth more than $60 million at current prices.
The recent price action of AXS flies in the face of conventional wisdom about token unlocks, which