The Axie Infinity game’s native token AXS has performed extremely well in the last few weeks but the last 24 hours have probably delivered its biggest price pump so far.

AXS is currently trading at $70.43 which represents a 53.70% gain in the last 24 hours alone, making it the best performing cryptocurrency in the top 50 list. Its latest performance has pushed its weekly gains to 73.60%. Even more impressive is the fact that AXS was $14.72 before the cryptocurrency market kicked off the ongoing bull run and even more impressive is that it was worth $0.5 on January 1, 2021.

Source: Binance

A $100 investment at the $0.5 price level would now be worth just over $14,000, highlighting just how far AXS has come in such a short time. It peaked at $77.48 at the height of its rally today and it still has some room for more upside given that it is still not overbought at its current price level according to the RSI indicator.

Why is ASX experiencing a major price pump today?

AXS massive rally is largely courtesy of the heavily bullish outlook fueled by the recent announcement about Axie Infinity achieving $1 billion in NFT trading volume. The announcement highlights the robust demand that the game has achieved, which also translates to more demand for AXS. Axie Infinity’s founder made the announcement just days after previously revealing that it reached a major milestone of 1 million daily active users.

The recent statistics elevated the blockchain game’s popularity, making it visible to more investors. It underscores the strong buying volume that AXS has experienced in the last few days and especially in the last 24 hours. Axie Infinity is currently one of the fastest-growing blockchain-based platforms and the leading NFT marketplace thanks to its impressive milestones.

What to expect from AXS and the Axie Infinity game moving forward

Axie Infinity is still in its early stages despite the robust growth it has achieved so far this year. Its developers plan to make it a cross-platform game. They are targeting the mobile gaming segment which will make it accessible to a wider market. Such a move would likely unlock its growth potential so that it will allow hundreds of millions of people to access it.

Note that ASX is trading at its current level with roughly one million users. It is thus interesting to imagine the kind of demand that the cryptocurrency will experience if the Axie Infinity game achieves 10 million users or more. The fact that it only has 60.9 million tokens in circulating supply also highlights the scarce nature of the token and the likelihood that it will continue rallying in the future.

AXS has achieved its current price level with a $4.2 billion market cap. It is currently on a favorable trajectory partly thanks to its first-mover advantage because Axie Infinity is the first blockchain game to make it into the mainstream courtesy of its play-to-earn approach. It is thus the first game of its kind to unlock the full potential of NFTs and there will likely be many other games that pursue such a trend.