An Ethereum (ETH)-based gaming altcoin emerged this weekend ahead of a big token unlock event, defying conventional trading wisdom.
Axie Infinity (AXS) rose from trading around $9.20 on Saturday to a high of $13.84 on Sunday, an increase of more than 50%.
AXS, the 41st-ranked crypto asset by market capitalization, has since partially pulled back and is trading at $12.18 as of this writing.
The price jump occurred ahead of a roughly 4.8 million AXS token unlock event that occurred on Monday, according to tokenomics data website TokenUnlocks. The unlock event represented 1.812% of the total supply of the asset and had a value of more than $60 million at current prices.
The recent AXS price action goes against the conventional wisdom about unlocking tokens, which provides investors with opportunities to sell digital assets after vesting periods expire. Traditionally, token unlocks are considered bearish catalysts.
The next Axie Infinity token unlock event will take place on April 17. The unlock will account for 1.45% of the total supply of the asset (worth nearly $50 million at the time of writing), according to TokenUnlocks.
AXS is up more than 100% since early 2023 when it traded around $6.00. Despite its price surge this month, the token still remains more than 92% below its all-time high of $164.90, which it hit in November 2021.
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