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

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Ethereum (ethereum) base gaming altcoins surged this weekend forward of a giant token unlocking occasion, defying typical buying and selling knowledge.

Axie Infinity (AXS) rose greater than 50% from buying and selling round $9.20 on Saturday to Sunday’s excessive of $13.84.

AXS, the forty first largest crypto asset by market capitalization, has since made a partial comeback, buying and selling at $12.18 on the time of writing.

In keeping with the Tokennomics Information web site, the value spike occurred forward of the unlocking occasion of about 4.8 million AXS tokens on Monday. token unlockUnlocking occasions accounted for 1.812% of the overall provide of property, value over $60 million at present costs.

The latest AXS value motion defies typical knowledge relating to token unlocking, which supplies buyers the chance to promote digital property after the expiration of the vesting interval. Historically, token unlocking was seen as a bearish catalyst.

Axie Infinity’s subsequent token unlock occasion will happen on April seventeenth. In keeping with TokenUnlocks, the unlock represents his 1.45% of the overall provide of property (value about $50 million on the time of writing).

AXS has gained greater than 100% since buying and selling round $6.00 in early 2023. Regardless of the value surge this month, the token stays down greater than 92% from its November 2021 all-time excessive of $164.90.

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