Axie Infinity’s AXS token dominates the crypto-currency market, rising 40% in a matter of hours

AXS, one of the tokens in the Axie Infinity gaming ecosystem, is the asset whose price has reflected the strongest growth in the last 24 hours on the crypto-currency market. The 37.6% increase took AXS from USD 6.85 to USD 9.43.

At the time of writing this article, the price of AXS has fallen to 8.75 USD. However, trading volume in the last few hours has remained high, having increased tenfold. Average daily volume has increased from $35 million to $375 million.

The reason that could push Axie Infinity’s AXS price, beyond what other crypto-currencies have increased, is an announcement they made this December 4 about their governance and decentralization system.

The Lunacian, Axie Infinity’s official blog, published a post yesterday afternoon announcing the launch of a new initiative called “Axie Contributors“.

The contributor program is a group of nearly 700 people that aims to decentralize the governance of the Axie Infinity ecosystem. It’s part of a long-term plan for gradual decentralization that was discussed by executives from Sky Mavis, the developer of the game in question, at AxieCon in September of this year.

The contributors were selected by a group of longtime Axie Infinity community members known as the “Town Builders“. The selection process was based on the nominees’ level of commitment to the Axie community, their time spent as community members, and their integrity in adhering to the established code of conduct.

Bitcoin and altcoins have also been in the news.

While AXS is the token that has seen the most notable rise in the past few hours, the crypto-currency market in general has witnessed a significant influx of money. Bitcoin, the market leader in terms of market capitalization, managed to surpass $16,000 for the first time since the crisis triggered by the FTX bankruptcy. Satoshi’s coin is up 5.5 percent and priced at $17,057 at the time of writing.

Ethereum, meanwhile, is up 8.22% over the past 24 hours and is showing a price of USD 1,265. Crypto-currencies Litecoin, Polygon and Dogecoin are all up more than 10% on the day, as are Avalanche, Uniswap and The Sandbox, another ecosystem related to blockchain-based video games.