Cryptocurrency News

While Most Coins Trade Sideways, Two Crypto Outliers Rally Over 300% in the Span of a Month

By July 13, 2021 No Comments

Key takeaways:

  • While most crypto assets trade sideways or even negatively over the last two months, Axie infinity (AXS) and Constellation (DAG) have their most successful months to date
  • Both coins had stellar performances, but keep in mind that quick rallies can often lead to even quicker corrections

During the slow bear market of the last two months, most digital currencies have been slowly losing value or trading sideways. However, two coins have completely defied the latest trend and rallied towards their respective all-time highs.

Axie Infinity (AXS) grows by leaps and bounds, up 422% over the last 30 days

Axie Infinity is blockchain-powered trading and battling NFT-based online video game, developed by Vietnamese gaming studio Sky Mavis. The game makes use of Ethereum issued tokens AXS and SLP. As of June 2021, it has recorded $42 million in NFT sales, making it one of the most expensive NFTs collections.

The price of AXS has exploded from $3.9 on June 14th, to ATH of $21.38 on July 12th. The price surge corresponds to Axie Infinity’s high DApp activity as the game generated $49.1 million in the last 30 days, making it more than three times as high as second-placed PancakeSwap (CAKE), according to Token Terminal data.

Image source: Token Terminal

Constellation (DAG) up by 322% following the launch of automated market maker Lattice Exchange

To make a quick price recap, DAG traded at $0.0429 on June 14th. In less than a month it managed to achieve its ATH of $0.2442. Since then, the token has retreated by almost 30%, but still up more than 3x for the month.

Constellation is a distributed network built to facilitate fast and scalable solutions for organizations that need secure data transfers and interoperability between devices. Constellation’s DAG token owes its meteoric month mostly to the rollout of the automated market maker Lattice Exchange that was built on Constellation’s network.