Axie Infinity (AXS), a token connected to the blockchain-based game of the same name, was by far the best cryptocurrency in terms of returns in July.
What Happened: AXS left the likes of Dogecoin (CRYPTO: DOGE) and the other meme-coin cohort far behind in the rearview mirror in terms of returns.
AXS skyrocketed a whopping 651.03% over the course of July, while DOGE fell 17.93% in the same period.
Shiba Inu (CRYPTO: SHIB), another meme coin, did not match AXS’ returns either. SHIB declined 29.14% last month.
At press time, AXS traded 10.06% higher at $42.46 over 24 hours, while DOGE traded 1.71% higher at $0.20.
See Also: How To Buy Axie Infinity (AXS)
Why It Matters: Not only did AXS outpace the gains of meme coins, it also left behind Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), however, its upwards trajectory is threatened by aggressive short selling.
Cathie Wood-led Ark Invest analyst Nick Grous called Axie Infinity the “foundation” of an “emerging economy” coming up around play-to-earn games on Tuesday.
See Also: NFT Growth Remains Strong As Shown By Axie Infinity, OpenSea, CryptoPunks, Says Analyst
Grous also touched on Smooth Love Potion (CRYPTO: SLP), a token that can be earned by winning battles on Axie Infinity. That token spiked 71.96% in July. At press time, SLP traded 2.59% higher over 24 hours at $0.211.
“By breeding Axies and earning SLP, full-time players earned $1,500 on average and generated $200 million in platform fees last month alone,” noted the Ark analyst.
Jeffrey Jiho Zirlin, Axie Infinity co-founder, noted last month that the project gathered more revenue than Metamask, Pancakeswap (CRYPTO: CAKE), MakerDao (CRYPTO: MKR), and Curve (CRYPTO: CRV) put together.
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photo: courtesy of Axie Infinity