Ethereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock

Ethereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock


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.

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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

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