AXS jumped to a four-month high early Monday. Observers said investors expect a big announcement that will counteract the impending $64 million token unlock. reports godbole17.
Play-to-earn giant Axie Infinity's AXS cryptocurrency is rallying despite the impending unlocking of millions of dollars worth of tokens.CoinDesk dataThe dollar value locked in the number of open contracts in perpetual futures tied to AXS has soared by 156% to $104 million in the past 24 hours, per Coinalyze. An increase in open interest alongside a price rally indicates an influx of new money on the bullish side.
According to Flex Hartmann, managing partner at crypto investment firm Hartmann Capital, the confounding rally results from the hope that the Axie team will announce a positive catalyst to counteract the bearish impact of the token unlock. AXS is one of the several cryptocurrencies gaining ground ahead of the token unlock. Decentralized perpetuals-focused exchange dYdX's cryptocurrency has jumped 64% this month, outperforming market leaders bitcoin and ether, despite a looming unlock on Feb. 2. APT, the native cryptocurrency of layer 1 blockchain Aptos, also rallied 40% in the week leading up to its token unlock that took place on Jan. 12. The cryptocurrency's price has doubled to $13 since then.
"I view this new trend as fairly unethical as you are creating a buzz to help your investors unload on retail [investors] who are unaware of things like unlocks," Hartmann told CoinDesk.
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