In 2023, the blockchain gaming industry has come under a lot of pressure. More and more new projects are emerging that seek to challenge industry giants such as Axie Infinity (AXS). However, this coin doesn’t seem to be giving way anytime soon.
The AXS token price jumped from $4.51 last week to $5.52 today, marking a 16% increase. Moreover, several catalysts indicate that the rise could continue.
Nevertheless, one of Axie Infinity’s competitors has raised nearly $1 million in pre-sales. Play-to-Earn (play and earn) project Meme Kombat has been receiving significant capital inflows from early investors for the past month.
Meme Kombat is a new memcoin that combines P2E with a passive income mechanism
Meme Kombat (MK) is a simple yet original concept that offers investors to make money from meme fights. Many humorous internet phenomena, such as Wojack and Pepe, are hugely popular in their own right. If they collide in the battle arena, interest could skyrocket.
The developers believe that the use of memes combined with various mechanics for earning cryptocurrency is the key to success in the Web3 space. So the team will hold fights of famous internet characters with different betting options and lots of prizes.
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Although betting shops have been around for a long time, their services have so far been limited to real-world events. Meme Kombat offers betting similar to sports betting, but on memcoins. Players can analyze previous fights to understand each hero’s strengths and weaknesses, and bet on the fighter in real time.
Battles and visuals are enhanced through a combination of blockchain and artificial intelligence. Results and rewards are automatically processed and distributed on the blockchain. This approach helps to make battles more transparent and fair.
Moreover, the project has been audited by a third party and received good results. The founder of the company also made his LinkedIn profile public, which is extremely rare in presales, and even more so with memcoins.
The total MK coin offering is 120 million, of which 50% will go towards the pre-sale phase, and 30% will be used for battle rewards and passive staking income. The remaining 20% is split equally between community rewards and providing liquidity on decentralized exchanges.
At the time of writing, the value of the project’s own token, MK, is $0.1667. This new Play-to-Earn platform has raised $945k, indicating a growing interest in Meme Kombat.
Additional benefits:
- In addition to potential betting profits, users will earn an annualized return of 112%.
- Betting on fights is exclusively allowed in MK, which could keep the demand for this coin alive.
- Asset holders will start receiving rewards for locking tokens in staking even during the pre-sale.
Axie Infinity price forecast for November
According to CoinMarketCap, the video game cryptocurrency ranks 53rd in terms of market capitalization. Ahead of Halloween, the blockchain game cryptocurrency Axie Infinity recorded an increase in value. The AXS token price soared 21.2% over the past week to reach a three-month high. Several reasons led to this sharp jump.
First, the game’s developers announced new rewards and character abilities on their blog. The Venoki character will help gamers during battles in the haunted arena and reward them with special rewards – EmAXS and Mystic Runes & Charms.
EmAXS are Axie Infinity tokens that can be earned during the game. Assets are an improved version of AXS with lower inflation and higher steak rewards.
Mystic Runes & Charms – items presented in the form of NFTs. These non-interchangeable tokens are needed to improve characters’ stats and abilities. However, they are very rare and can only be obtained during special events such as Halloween.
Secondly, the AXS coin rally was influenced by the momentum of the Bitcoin cryptocurrency (BTC), which drives all other altcoins.
Other initiatives can be added to the list of catalysts for the Axie Infinity token. For example, the activation of in-game battles such as The Trio Championship. This cybersport competition, where all runes and mascots are allowed, took place on October 27.
Moreover, Axie Infinity also saw an increase in player traffic in October. According to the CryptoQuant portal, the number of active wallets with the AXS token increased during this time. As of the end of October, there were 484 addresses. The last time a larger number was recorded in July last year – 505.
Additionally, on October 20, according to Token.Unlocks, there were 15.13 million new AXS tokens in circulation, equivalent to $64.44 million. On the one hand, this is potentially bearish, increasing coin inflation. On the other, it’s also an indicator that Axie Infinity is regaining lost ground and regaining the popularity and interest it gained in 2021.
According to IntoTheBlock portal, the AXS token could test the $7 target in the near future. If the recent rally of this cryptocurrency is not suppressed by profit taking, investors can expect the value of the asset to rise.
Analysts suggest that the value of AXS, which has not exceeded $10 since March 2023, looks like it will be able to overcome this critical threshold. However, in case of a price pullback, the current support for the token will be $4.65.
Wrap-up
The AXS price has risen significantly since its inception and boasts a return on investment of 3242%. Despite numerous industry downfalls, Axie Infinity has maintained its position as a leader in the gaming Web3 sector. Nevertheless, there are just over 60,000,000 AXS in circulation out of a maximum volume of 270,000,000. This suggests that there are many more coins that will be available on the market going forward, and this could put additional upward pressure on the AXS token price.
During the last bull cycle, P2E gaming was one of the hottest topics. With the uptrend returning to the crypto market, the MK coin could record multiple gains. The token’s innovative use case, transparent betting approach, and inclusion of funny memes could make Meme Kombat the next leading crypto game.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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