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AXS price movement after release of batch of tokens to early investors and insiders

By:
on Oct 26, 2022
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  • The value of AXS increased by 5% in the last 24 hours.
  • Axie Infinity released the first batch tokens previously restricted tokens to early investors and insiders.
  • Recipients sent $5.7 million worth of AXS to exchanges as a result of this.

Axie Infinity began releasing previously restricted AXS tokens to early investors and insiders as a part of a $200 million unlocking event.

Axie Infinity (AXS/USD) is one of the most popular play-to-earn (P2E) crypto games. The game features its own cryptocurrency, known as AXS, that is listed across exchanges.

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The token unlocking event as a catalyst for growth 

Around 21.5  million AXS, which are worth $200 million, have begun to release and will carry on with their release in the upcoming days. Ten million tokens are reserved for early investors, advisors, and the development team.

Blockchain data indicates that a wallet that was tagged as “Axie Infinity: Token Vesting” transferred 785,334 AXS tokens, which are worth $6.6 million at the time of writing, to a total of six recipients. 

These recipients were listed as advisors and early investors in the private sale round in mid-2020, based on data from TokenUnlock. 

Arca, which was one of the institutional investors that bought AXS during a private sale, got 437,500 tokens worth $4 million in AXS. These cryptocurrencies then got deposited to FTX based on data from Etherscan. 

Another early investor gained 187,500 tokens worth $1.7 million and transferred them to Binance as well. In total, $5.7 million worth of cryptocurrencies got transferred to exchanges as a result of this unlock, with more to be unlocked throughout the upcoming days.

Should you buy Axie Infinity (AXS)?

On October 26, 2022, Axie Infinity (AXS) had a value of $9.317.

AXS/USD Chart by Tradingview.

The all-time high of the Axie Infinity (AXS) cryptocurrency was on November 6, 2021, when the cryptocurrency reached a value of $164.90. Here we can see that at its ATH, the token was trading $155.583 higher in value, or by 1,670%.

When we go over the 7-day performance, the cryptocurrency had its low point at $8.29, while its high point was at a value of $10.53. This gives us an indication of a difference in the value of $2.24 or by 27%.

Looking at the 24-hour difference, Axie Infinity (AXS) had its low point at $8.86, while its high point was at $9.40. Here we can see a $0.54 difference between these two value points, or by 6%.

With this in mind, investors might want to buy AXS as it can climb to $11 by the end of October 2022.