Axie Infinity (AXS) has extended its rally, trading at $67.96 on August 16, down just 10% from its all-time high of $75.73 set five days earlier. The token’s weekly gain stands at 56.94% , propelling its market capitalization to $3.9 billion and securing the 41st position among all cryptocurrencies.
Search and Traffic Soar
Google Trends data shows the search term “Axie Infinity” hit a perfect score of 100 in the week of July 11-17, and still maintains a high of 76 today. SimilarWeb reports axieinfinity.com traffic has soared 375% year-over-year, reaching 22.9 million visits. The Philippines leads in traffic, followed by Venezuela, Brazil, the U.S., and Argentina.
AXS Rallies 934% in 90 Days, SLP Falls 31% in a Month
AXS has gained 934.35% against the USD and 840.61% against Bitcoin over the past 90 days. It is up 227% in the last 30 days and 78% in the last two weeks. Daily trading volume stands at $791 million, with USDT pairs accounting for 81% of all trades.
In stark contrast, Smooth Love Potion (SLP), the in-game reward token, has tumbled 55% from its all-time high of $0.3997 (July 13). SLP is currently trading at $0.1754, down 31% over the past month and 14.8% over two weeks. Its market cap is just $213 million, with daily volume of $123 million. The top trading pair is BUSD (59.94%), followed by ETH (33.65%).
The divergence highlights the tension between AXS as a governance and value-capture token and SLP as a highly inflationary reward token. The sustainability of Axie Infinity’s economy will depend on player retention and game mechanics adjustments.