The Axie Infinity crypto token supports its eponymous metaverse game and was launched to much fanfare in late 2020. A year later, as the cryptomarket enjoyed the boost from the NFT fad and metaverse mania, it was worth more than $100. That said, metaverse coins and tokens suffered massively during the market turmoil of 2022 but, despite signs of a small recovery in 2023, it crashed following the market downturn surrounding the United States Securities and Exchange Commission (SEC) taking the Binance and Coinbase exchanges to court in June.
But what is Axie Infinity (AXS)? What is Axie Infinity used for? Let’s take a look and see what we can find out and also look at some of the Axie Infinity price predictions that were being made on 14 June 2023.
Axie Infinity is a Metaverse game. People can collect non-fungible tokens (NFTs) representing monsters and set them to battle against each other, earning the game’s native token, AXS, as a reward. Set up by the Vietnamese gaming studio Sky Mavis, Axie Infinity has become one of the largest games in the Metaverse and the play-to-earn (p2e) sectors.
The game first made headlines in 2020, when a report said that people in the Philippines were earning money through playing the game. However, it appeared that no one picked up on the fact that, not only was the article’s writer was the director of a company which worked with play-to-earn game companies, including Sky Mavis investor Animoca, but the person named as making money through AXS’ sole social media presence was a Twitter account, set up after the piece was published and not updated since early 2021.
It may well be that the initial interest in Axie Infinity may have been down to some seriously poor media literacy.
AXS is a token which is used to earn rewards in the Axie Infinity game. Players who battle in the system can earn AXS and another crypto, Small Love Potion (SLP). AXS can also be bought, sold, and traded on exchanges.
Something else you should know about AXS is, because it is based on the Ethereum (ETH) blockchain, it is a token, rather than a coin. You might see references to such things as an Axie Infinity coin price prediction, but these are wrong.
Let’s now take a look at some of the Axie Infinity price history . Although past performance should never be taken as an indicator of future results, knowing what it has done previously can help us if we want to either make or interpret an Axie Infinity price prediction.
When AXS first came onto the open market in November 2020, it was worth about $0.18. The start of 2021 saw the market flourish and AXS reached a high of $10.85 on 28 April. After that, the market and the token slumped, but the second half of the year brought better news, as the cryptosphere was consumed by fads for NFTs and the metaverse as a whole. When Bitcoin (BTC) reached record levels in November, pretty much every crypto got a boost and Axie Infinity shot up, reaching an all-time high of $165.37 on 6 November. After that, though, things slowed down, with AXS closing the year at $93.30.
After going up to $97.78 on 3 January 2023, AXS joined pretty much the rest of the crypto market in going downhill in 2022. There were some minor ups to go with the downs, but by early April it was below $50 and, when the markets seemingly went through crashes on a regular basis, it felt like coins and tokens related to the metaverse took the brunt of the losses. AXS closed the year at $6.04, a loss of nearly 95% year-on-year.
So far, 2023 has offered more encouragement for the crypto and, at various times in the first three months of the year, it operated at above $10. After that, it fell back down, with the worst to come following the SEC charges and, on 14 June 2023, it was worth about $5. At that time, there were a little over 117 million AXS in circulation out of a total supply of 270 million. This gave the token a market cap of around $586 million, making it the 60th largest crypto by that measurement.
Axie Infinity suffered in June. Before the SEC announced its case against Binance on 5 June, it was trading at $7.46. By 12 June, it was down more than 35% in a week to $4.75, before making a small recovery of about 5% by the time of writing on 14 June.
With that all out of the way, let’s take a look at some of the Axie Infinity price predictions that were being made as of 14 June 2023. It is important to remember that price forecasts, especially for something as potentially volatile as cryptocurrency, very often end up being wrong. Also, many long-term crypto price predictions are made using an algorithm, which can change at a moment’s notice.
First up, CoinCodex made a short-term Axie Infinity Price Prediction which was encouraging for the token’s investors, saying it would reach $5.13 by 19 June and $6.90 by 15 July. Despite that seemingly good news, the site’s price analysis was bearish, with 21 indicators sending out discouraging signals compared to 10 making bearish ones.
As far as other AXS price predictions for this year went, DigitalCoinPrice said that the token could more than double by the end of the year to trade at $10.71. PricePrediction.net was a bit more cautious, saying AXS would get to $6.14, while Bitnation was a bit more optimistic, saying that it could be worth $7.51.
In terms of Axie Infinity price predictions for 2025 went, Bitnation argued for a future AXS price of $17.53, while PricePrediction.net thought that the token would have broken through the $10 mark to be worth $12.46. DigitalCoinPrice was even more upbeat about the token’s chances, suggesting it could stand at an average of $16.56.
When it came to a more long-term Axie Infinity price prediction for 2030, PricePrediction.net said that AXS would be worth $79.71. DigitalCoinPrice said the speed of travel would have slowed a bit, but Axie Infinity would still stand at $51.82, while Bitnation claimed it would be worth $42.57.
Axie Infinity helps power an online game and is used to reward successful players. Whether or not it is a good investment depends on a range of things. Firstly, whether it will make a recovery from its current lows, secondly, when it will make a recovery, thirdly, how fast and how far it will recover and fourthly, whether the metaverse can become anything like the hot property it was in the second half of 2021. Until then, it might be best to wait and see how the token does, and whether both the game and the token can make a comeback. Either way, you will need to make sure that you do your own research.
No one can really tell right now. While the longer-term Axie Infinity token price predictions are, broadly speaking, optimistic, price predictions are very often wrong. Remember, too, that prices can, and do, go down as well as up.
Before deciding whether or not to invest in Axie Infinity, you should make sure that you do your own research, not only on AXS but on other metaverse-related coins and tokens, like The Sandbox (SAND). More importantly, though, you should make sure you never invest more money than you can afford to lose.
On 14 June 2023, there were a little over 117 million AXS in circulation out of a total supply of 270 million.
It might do, but it is not likely to happen for a little while yet. PricePrediction.net said that it thought AXS would break though the $100 mark in 2031. Keep in mind that the token has traded at over $100 before, with it reaching an all-time high of $165.37 on 6 November 2021.
Theoretically, you can. The game rewards winners with AXS and SLP tokens, which can be bought, sold, or traded on exchanges. However, in order for you to actually make any meaningful money with AXS, you would need to be very lucky and you would probably also have to wait for the price of the tokens to go back up.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.