Axie Infinity (AXS), a token linked to the blockchain-based recreation of the identical identify, was by far one of the best cryptocurrency when it comes to returns in July.
What Occurred: AXS left the likes of Dogecoin (CRYPTO: DOGE) and the opposite meme-coin cohort far behind within the rearview mirror when it comes to returns.
AXS skyrocketed a whopping 651.03% over the course of July, whereas DOGE fell 17.93% in the identical interval.
Shiba Inu (CRYPTO: SHIB), one other meme coin, didn’t match AXS’ returns both. SHIB declined 29.14% final month.
At press time, AXS traded 10.06% greater at $42.46 over 24 hours, whereas DOGE traded 1.71% greater at $0.20.
See Additionally: How To Buy Axie Infinity (AXS)
Why It Issues: Not solely did AXS outpace the positive factors of meme cash, it additionally left behind Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), nonetheless, its upwards trajectory is threatened by aggressive short selling.
Cathie Wooden-led Ark Make investments analyst Nick Grous referred to as Axie Infinity the “foundation” of an “emerging economy” arising round play-to-earn video games on Tuesday.
Grous additionally touched on Easy Love Potion (CRYPTO: SLP), a token that may be earned by winning battles on Axie Infinity. That token spiked 71.96% in July. At press time, SLP traded 2.59% greater over 24 hours at $0.211.
“By breeding Axies and incomes SLP, full-time gamers earned $1,500 on common and generated $200 million in platform charges final month alone,” famous the Ark analyst.
Jeffrey Jiho Zirlin, Axie Infinity co-founder, famous final month that the venture gathered more revenue than Metamask, Pancakeswap (CRYPTO: CAKE), MakerDao (CRYPTO: MKR), and Curve (CRYPTO: CRV) put collectively.
photograph: courtesy of Axie Infinity