After soaring 1,900% in three months, the price of Axie Infinity has reached a new all-time high.

The market is being led by the project at the forefront of cryptocurrency gaming. As the popularity of Axie Infinity, a play-to-earn blockchain-based video game developed by Singapore-based software company Sky Mavis, grows, so does the value of its native currency, AXS.

The price of the Axie Infinity Shard (AXS) governance token surged 36% on Oct. 4 to reach a new lifetime high of $153 and break into the top 20 cryptocurrencies list. It has increased by 130 percent in the past two months. The cryptocurrency's completely diluted market value briefly surpassed $41 billion earlier today, overtaking video game giant Electronic Arts.

Players in Axie Infinity may buy, breed, collect, and feed "Axies," cute monsters created by users in the form of non-fungible tokens. More than two million animals have been generated by gamers so far.

According to statistics supplied by Token Terminal, the protocol's weekly revenue has surpassed $34 million, surpassing the largest NFT marketplace OpenSea.

In early August, the Ethereum-based game passed a significant milestone by reaching one million active players. Axie Infinity has a large following throughout Southeast Asia, with the Philippines serving as the center.

After leaving their jobs, many players rely on the game's Smooth Love Potion (SLP) in-game tokens as their primary source of revenue. In late August, Philippine authorities proposed taxing them as a result of this.


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