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Axie Infinity gains 16% amid increased whale transactions 

axie-infinity-gains-16-amid-increased-whale-transactions
Edited by
Markets
Axie Infinity gains 16% amid increased whale transactions 

Axie Infinity (AXS) is the biggest gainer among the largest 100 crypto assets, surging by 16% in the past 24 hours amid increased whale transactions and development activity.

The asset’s recent uptrend began on Oct. 20 following a collapse to an 11-month low of $4.05 on Oct. 19. Axie Infinity began registering impressive gains following the massive drop, recording a historical nine winning sessions out of ten days since Oct. 20. 

Axie Infinity gains 16% amid increased whale transactions  - 1
AXS price, social volume and whale activity – Oct. 30 | Source: Santiment

Notably, the upswing gained momentum on Oct. 28 amid the sustained bullish sentiments surrounding the broader crypto market.

While Bitcoin (BTC) and other assets have witnessed a drop in bullish momentum, AXS has retained its run, surging to a 2-month high of $6 on Oct. 30.

Despite the resistance the asset faced at the $6 territory, it has maintained a value above the $5 psychological price threshold. This resilience demonstrated by AXS has sealed its spot as the largest gainer over the past 24 hours, towering over assets such as Gala (GALA) and Internet Computer (ICP).

Axie Infinity records bullish metrics

The asset’s bullish momentum has been fueled by several bullish metrics recorded in recent times. Data from Santiment suggests that AXS witnesses massive surges in development activity, whale transactions and social volume.

The network witnessed over nine whale transactions worth above $100,000 on Oct. 30. This comes after it recorded over 18 whale transactions yesterday. These spikes in large transactions have become prevalent since Oct. 27 as the asset’s price remains in bullish territories.

Meanwhile, development activity has seen a remarkable increase since Oct. 25. It has maintained a level not witnessed throughout this month, bolstering investor confidence.

The combination of these bullish metrics and the asset’s price surge has led to increased discussions surrounding the asset on social platforms, contributing to a rise in its social volume. Santiment’s data confirmed that Axie Infinity’s social volume hit its highest monthly value yesterday.

The asset changes hands at $5.85 at the time of reporting, up 15.98% over the past 24 hours. Axie Infinity needs to record a comfortable close above $6 to sustain its bullish run. Failure to hold steady could bring the asset back to the $.4.95 support level.