This NFT Cryptocurrency Has Overtaken Dogecoin In YTD Gains With Meme Coin Crash

Axie Infinity AXS/USD has soared over 3000% since the year began, outpacing Dogecoin’s DOGE/USD nearly 2920% gains in the same period. 

What Happened: AXS is a token associated with the blockchain-based trading and battling game. The project also has a dimension involving non fungible tokens or NFT.

See Also: How To Buy Axie Infinity (AXS)

This is despite a 16% drop in AXS value over the past 24 hours, Over a week, AXS is up 4% at $18.86. On the other hand, DOGE is down 20% for the week and 3% over a 24 hour period at $0.1725.

DOGE’s YTD gains have tapered down thanks to a loss of upward momentum among dog-oriented coins.

Why It Matters: Axie Infinity has emerged as the top Decentralized Application or DApp tracked by Token Terminal in the past 30 days with a revenue of $59.34 million leaving behind the likes of PancakeSwap CAKE/USD, Synthetix SNX/USD, and Sushi Swap SUSHI/USD.

The way the game is structured, an in-game reward token, Smart Love Potion SLP/USD, is central to Axie infinity’s economy. 

Players earn SLP through winning battles and can use these tokens to breed new Axies, which are tokenized creatures within the game.

SLP has shot up 15% over a week and gained a whopping 1348.6% since the year began. At press time, the token traded 6.9% higher at $0.275.

See Also: Elrond (EGLD) Sees Higher Interest Than Bitcoin, Dogecoin On Twitter: What's Going On?

Dedicated players can earn between 100 to 200 SLP a day, noted DappRadar, translating to between $35.40 to $70.80 per day. This has further potential to lead to substantial monthly incomes in developing countries in Asia.

The breeding fee and the project’s NFT marketplace have become a significant source of revenue for the project, as per its co-founder Jeffrey Jiho Zirlin.

The co-founder said more upgrades are coming “over the next 9 months” to Axie Infinity, which he described as a “basic product.”

Read Next: NFT Growth Remains Strong As Shown By Axie Infinity, OpenSea, CryptoPunks, Says Analyst