AXS Pumps 22% on Token Unlock
HO CHI MINH CITY – AXS gained 22% over the past 24 hours after the metaverse platform unlocked almost 2% of its total supply. On Sunday, the Axie Infinity governance token rose, as did many altcoins, in just four hours from $10.96 to $13.91; it dropped slightly to $12.66 at press time.
Over 172 million tokens are now available in the Axie Infinity ecosystem valued at almost $2.2 million; a further 1 million tokens remain unlocked, according to data from TokenUnlocks. Today’s disbursement is only being distributed to staking reward earners which accounts for the lower number of tokens being unlocked per the vesting schedule.
Token unlocks usually trigger bearish trading because the more tokens that are released, the more the price gets diluted. AXS currently holds a $1.47 billion market cap with a fully diluted value of $3.46 billion. Axie Infinity led all metaverse tokens after AXS posted a 26.4% gain on Dec. 5, 2022.
