Axie Infinity Price Prediction 2022: Is “Fake Pump” the reason behind Axie’s upward price movement?

Axie Infinity Price Prediction 2022: Is “Fake Pump” the reason behind Axie’s upward price movement?

Axie Price Prediction 2022: Axie’s price increases by 7% in a single day. Is it because of Fake pumping or Axie Origin’s increased popularity?

Axie Infinity Price Prediction 2022: Latest Price

Axie Infinity Price Prediction 2022: Reason behind the recent pump

The current market price of Axie Infinity is $7.19 (as of November 14th, 2022) and is increased by more than 7% in just 24 hours. Although its price has decreased by around 26% in a week, its surge in one day is still worth mentioning in this bearish trend of other gaming cryptos.

Note that other gaming cryptocurrencies, including Decentraland, Sandbox, Apecoin, Reef, and Stepn, have declined by 37%, 34%, 44%, 40% and 39% respectively in just one day. Therefore, Axie’s 7% upward movement was worth noticing; hence, we tried to find the reason for the same.

Recently, on November 13th 2022 (a day before the price surge of AXS), a Binance user CarlosOMFG, tweeted that his Binance account was hacked and a million dollars worth of AXS were bought from his account.

axie price prediction 2022
Image Source: Twitter

Also Read: Axie Price Prediction

AXIE INFINITY Use Cases, Differentiators, and Competitors

The Binance CS team found that the purchase was made through the API. The user has only one active API key and was used on a crypto trading bot platform named Skyrex. In another tweet Binance’s CEO, CZ confirmed that 3 more such cases were reported where users shared their API key with any third-party platform and then saw unexpected trading.

Later, the user cleared that he has already sold all the AXS tokens back as soon as he found out about this purchase.

One million dollars is a huge lot of money and if the claim by the Twitter user is true, then this purchase can indeed be one of the reasons behind the sudden increase in AXS’s price in just a single day.

Another factor contributing to Axie’s growth can be the increase in the number of active users on its Axie Origin platform. Axie Origins has reported an average of 1k downloads per day which is a huge number. The reason behind its popularity can be the improved gameplay and graphics in Axie Origins. Also, the game provides a few starter axies for free to play with.

axie price prediction 2022
Image Source: Twitter

Whether it’s the fake pumping or the actual increasing popularity of Axie infinity, it has indeed been a great day for Axie because the surge wasn’t expected in this bearish trend.

~Charu Taneja

Charu Taneja

Charu Taneja

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