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Editing by Nathaniel Cajuday
- $AXS is experiencing an increase of 26.4% for the last week leading to the token unlock last Monday.
- The recent AXS unlock released 4.8 million tokens, which was 1.8% of the 270 million total supply of the token.
- Even the other two tokens in the Sky Mavis ecosystem are experiencing a surge in prices. SLP and RON increased by 3.2% and 55.9% for the past week, respectively.
Leading to the token unlock that happened last Monday, January 23, 2023, the governance token of the popular play-to-earn game Axie Infinity, Axie Infinity Shards (AXS), has increased by 26.4% in the last seven days, according to CoinGecko data, as observed by Coindesk.
For this token unlock, 4.8 million AXS tokens were released, or 1.8% of the 270 million total supply of the token. So far, 30% of its total supply is still locked, and the next unlock, which is scheduled for April 23, will be bigger as the circulating supply of Axie Infinity tokens will jump from 66.15% to 73.28%. Access the AXS Unlock Spreadsheet here.
In the crypto industry, this “token unlock” activity frees up liquidity and opens doors for investors to lock in profits. The process releases tokens that are locked up to prevent the holders—usually early investors, the project’s team members, or whales—from selling the coins they hodl all at once and causing price dumps.
However, an Axie Infinity enthusiast has stressed that the AXS unlock is fully vested, this means that there is no investor portion involved in the process and only staking rewards.
However, as of this writing, AXS is down by 7.9% and valued at $11.19. Aside from AXS, Axie Infinity’s in-game token, Smooth Love Potion (SLP), and the Ronin blockchain governance token (RON), also experienced an increase.
SLP, though it was down by 13.9% in the last 24 hours and is currently trading at $0.00293249, has increased by 3.2% for the past week.
RON, on the other hand, is also up by 12.4% and currently valued at $0.709913; for the past seven days, it jumped by 55.9%.
Axie Infinity is a blockchain non-fungible token (NFT) game that gained popularity in the Philippines in 2021 after several Filipinos relied on it to cover their expenses following the global pandemic that left them jobless. It was widely popular, particularly in the city of Cabanatuan in Nueva Ecija, which is also known as the Axie Capital of the Philippines.
According to data source TokenUnlocks, Sky Mavis, the developer of the game, is set to have another unlock schedule on January 27, where it will release 4.29%, or a total of 42,932,626 RON—around $25,964,493 in fiat. After this unlocking, RON still has 74.60% left in its vaults.
At its peak, the game recorded two million active players in October 2021. However, current data from gaming statistics website ActivePlayer shows that the game has had a 432,001 live player count in the past 30 days, the lowest since October 2020.
And aiming to invite more players to be active again, the developers launched a two-week event called the Epic Era, where players can earn from a prize pool of 33,600 tokens.
Recently, Sky Mavis also released the Alpha build of Axie Infinity: Homeland for all landowners which marks the beginning of Phase 1 of the game roadmap. Phase 1 includes plans for NFT Axie gameplay, Land tokens, and mobile accessibility in future phases.
This article is published on BitPinas: Bullish? AXS, SLP, RON Experience Price Surge Days After AXS Unlock
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.