Axie Infinity’s native token AXS has jumped back on the list of top gainers in the cryptocurrency market after a major price pump today that allowed it to register a new all-time high at $82.22

The cryptocurrency managed to achieve this impressive feat after rallying by more than 19% in the last 24 hours at the time of this press. AXS traded as low as $65.20 yesterday and its gains today have elevated its weekly gains by more than 40%, making it one of the best performing cryptocurrencies in the last 7 days. AXS traded at $81.77 at the time of this press after a slight pullback from its new ATH.

Source: Binance

AXS’ performance reflects a significant uptick in buying volume after kicking off the week with some bearish pullbacks. The cryptocurrency’s massive price pump today follows the launch of a 2-page product catalogue for the Axie Infinity decentralized game. The product catalogue was designed to help new users to understand how the game works. However, it is probably not the reason for the uptick in AXS price today.

Why is AXS going parabolic?

AXS has been gaining after cooling down from its previous bull run that was fueled by reports about achieving 1 million active users per month. However, a recent report that Axie Infinity’s total protocol revenue has more than doubled that of Ethereum might have encouraged another surge in buying volume. The report revealed that the game’s total revenue has so far reached $334 million which is significantly higher than Ethereum’s $162 million protocol revenue.

The numbers reflect Axie Infinity’s rapidly growing popularity, but it is not all good news. It has become so popular that it is now attracting scammers who use phishing tactics to access user accounts and to steal from their wallets. These problems have forced its developers to put in extra effort to make sure that users have a fun and safe experience.

Why getting in early is a good idea

AXS has taken off quite well considering that it was worth less than $5 two months ago. Attaining 1 million active users is a huge milestone and one that highlights just how good the game is. However, it will likely encourage more people to venture into AXS, but it might be a bit more difficult to get in later rather than now when AXS is still at a relatively affordable price range. Buying Axies will become more difficult if the value of AXS continues to grow. However, this will not lock out users but instead create more revenue opportunities for the users that can afford high-ranking axies.

Users who cannot afford to buy their own Axies can borrow Axies at a fee from those that own them. This in-game lending mechanism creates opportunities for Axie owners to earn more. The mechanism incentivizes users to purchase the in-game characters but this option will eventually be out of reach for the vast majority as the AXS token reaches higher price levels. The robust tokenomics of the game ensure that this will ultimately happen, especially considering the token’s low supply.