Axie Infinity price exploded with revamped reward structure, eyes 18% rally
- Axie Infinity team revamped rewards for the player to player competition, fueling a bullish outlook among investors.
- The play-to-earn gaming token posted double-digit gains in response to updated rules and a rise in transaction volume.
- Analysts have set a target of $90 for the Axie Infinity rally, predicting 18% spike in the ongoing squeeze.
Axie Infinity team revamped the reward structure, expanding the number of slots on the leaderboard and opening up the opportunity to more players. The play-to-earn gaming token's transaction volume exploded and fueled a bullish outlook among holders.
Axie Infinity targets $90 with revamped P2P rewards
The Axie Infinity team cut the supply of its Smooth Love Potion and introduced a new reward structure for its player-to-player game. The changes in Smooth Love Potion's supply have made it challenging for players to earn the token.
Game developers protected Axie Infinity from economic collapse, boosting rewards and increasing opportunities for players to feature on the leaderboard.
The rewards pool is expanded to a $6 million prize fund, increasing demand for player-to-player competitions in the play-to-earn game.
Axie Infinity expanded its leaderboard slots to 300,000 and boosted rewards to 117,676. Earlier, the rewards for slots were 3,000.
Axie Infinity ranked among the top-performing altcoins that recovered from the crypto market drop on February 7, 2022. The play-to-earn token has posted 28.5% gains over the past week in response to a spike in demand and on-chain activity.
Analysts have evaluated the Axie Infinity price trend and predicted a rally in the token. @AltcoinSherpa, a pseudonymous cryptocurrency analyst, believes that Axie Infinity is in a high-volume node area. The analyst believes that the current squeeze could push Axie Infinity price to $80.
@AltcoinSherpa has set $90 as a target for the gaming token's price, an 18% rally from the current level.
$AXS: I'm still in this trade, I am ready to exit in the mid 70s though. High volume node area here so be careful. I think this squeezes up to $80 potentially pic.twitter.com/MxsgYNNpF4
— Altcoin Sherpa (@AltcoinSherpa) February 7, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
