Axie Infinity’s AXS Topping Metaverse & NFT Tokens, Up 28% Today

Over the last 24 hours, metaverse and NFT-focused coins such as Axie Infinity (AXS), Flow (FLOW), Apecoin (APE), and Sandbox (SAND) have seen considerable gains.

‍Axie Infinity's AXS governance token has risen 28% in the last 24 hours, making it the highest gainer among the top 100 cryptocurrencies.

As of this writing, AXS is the 46th-largest cryptocurrency, with a market valuation of nearly $935 million, per CoinGecko data. It is also worth noting that AXS has lost roughly 95% of its value since reaching an all-time high of $164.90 in November 2021.

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According to the NFT data platform CryptoSlam, trade volume for Axie Infinity has ranged between $18,000 and $48,000 in recent weeks.

Also, due to today's strong price action, nearly $2.3M was liquidated in the last 24 hours, according to Coinglass.

The key driver of the bullish price action in the metaverse and NFT-related tokens over the last 24 hours is related to the rising NFT sales volume.

According to CryptoSlam statistics, overall NFT sales volume increased 20.75% in the previous 24 hours to just over $16.5 million. NFTs based on Ethereum recorded a 30% increase in daily trading volume.