Axie Infinity’s AXS is now available on Coinbase, capping off an extremely bullish week for the cryptocurrency.
According to an announcement made earlier today, Axie Infinity (AXS) is now available on Coinbase.
The popular crypto gaming token is up just 3% in the last 24 hours, but it has risen by more than 70.4 percent in the last week.
“Victory. AXS and Coinbase have finally joined forces!” Coinbase tweeted early this morning.
Axie Infinity issued a legal disclosure in conjunction with the announcement of its Coinbase listing, stating that the team will “from time to time” “engage in transactions of our own tokens.”
What exactly is Axie Infinity?
AXS is a cryptocurrency token that operates on the Ethereum network. It powers the popular Pokémon-style crypto game Axie Infinity, in which users compete for resources for their created pets in a never-ending battle.
AXS holders can claim rewards for playing Axie Infinity, as well as vote in Axie Infinity governance elections.
While the price of AXS has skyrocketed in the last week, it is not the first time the popular crypto gaming token’s value has skyrocketed.
The cost of AXS
Since the beginning of the summer, the price of AXS has been nothing short of stellar. On June 21, the token was trading at around $4.20 as the broader crypto market began to cool after its May bubble burst. However, as larger cryptocurrencies such as Bitcoin and Ethereum lost ground, AXS continued to rise.
By the end of July, AXS had risen to more than $40, representing a more than 850 percent increase in less than a month. According to CoinGecko, the token ranged between $42 and $46 in August before continuing its ascent, reaching an all-time high of $75.73 on August 11th.
The most recent partnership with Coinbase has been critical to the token’s rise.
It is well understood that a listing on the American crypto exchange can have a significant impact on any cryptocurrency.