Cryptocurrency experts name the cryptocurrency whose trading volume increased by 430% per day

The Axie Infinity (AXS) cryptocurrency has unexpectedly jumped by 11.35% over the past 24 hours. The virtual asset could be purchased for $ 4.74. The cryptocurrency’s market capitalization amounted to $ 667.43 million. The daily volume of transactions was recorded at $ 118.4 million, an increase of 430% over the reporting period.

Industry experts could not name the exact reasons for the rapid growth of AXS quotes. They noted that there were no high-profile announcements of events or updates in the project’s official account on the X platform. According to some analysts, the price spike was caused by «purely technical indicators.»

Among the numerous opinions, it was voiced that the reason was an «unexpected short squeeze». This means that the rapid growth of quotations was caused by the sale of a significant number of shorts, rather than fundamentals. Thus, in a few hours, $ 1.41 million worth of Axie Infinity tokens were liquidated, of which $ 798.42 thousand were short positions. The rapid price movement caused a rapid increase in trading volumes, as traders became more active in search of profit.

Axie Infinity is an online game based on crypto tokens developed by the Vietnamese studio Sky Mavis. Players collect and mint non-fungible tokens (NFTs). Gamers have their own avatars that need to be raised, upgraded, crossed, and put up for battles.

We would like to add that Axie Infinity is built on the Ethereum Ronin Network sidechain. It is worth reminding that this network was hacked in March 2022. Back then, hackers from Lazarus Group managed to steal about $ 620 million.