The number of users of the metaverse coin Axie Infinity (AXS), which has made its investors very happy in the last two weeks, has also increased. In the past two weeks, the metaverse game token price has increased by 46%. These gains coincided with a notable recovery in the broader cryptocurrency market.
Play-to-Earn (P2E) has become one of the most popular concepts in the blockchain and crypto industries. The crypto gaming industry has grown significantly in 2021 and this is expected to expand into 2022. Axie Infinity is described as a pioneering project in the P2E industry. Axie Infinity has a global reach and its success has demonstrated the potential of the P2E industry. Besides all this, Axie Infinity is planning a big launch for AXS that will trigger big gains.
The price of AXS began a bullish outlook on March 14 as anticipated developments prompted investors to speculate that price increases are on the way. After these gains, AXS reached $73. Despite these notable gains, AXS is still trading 59.4% below the all-time high of $164 created last November.
One of the reasons for the AXS price gains is the anticipated Axie Infinity Origin launch. Origin is a new version of the popular metaverse game. Origin will have new gameplay features to increase the player experience and will also offer free axes to new players. This update will also bring new items to the game. These will allow users to burn their Smooth Love Potion (SLP) tokens. SLP is the native token awarded to players on the platform as a reward.
These developments lead to an increase in the number of users on Axie Infinity, which currently stands at over 207,000. The popularity of the Ronin network also influences its gains for AXS. Ronin acts as an Ethereum sidechain developed by Sky Mavis for Axie Infinity.
Currently, Axie Infinity is the only game in Ronin. However, the Ronin network is among the top three Ethereum bridges in total value locked. Ronin's TVL is approximately $3.4 billion. TVL is expected to continue to grow as more decentralized applications are launched on the network.