Gaming giant Axie Infinity’s AXS token price has risen sharply despite the upcoming release of tokens worth millions of dollars.
In just the last 24 hours, the token has increased by almost 40%, reaching a four-month high of $13.83 before correcting slightly to a local price of $12.54 at the time of writing.
A surge of 156% in open contracts for AXS perpetual futures that are locked, bringing an estimated value of $104 million. This heightened level of open interest, alongside the price rally, signals more funds are being injected into the market from a bullish perspective.
If Tokens Are Being Unlocked, Shouldn’t It Be Bearish?
This market action might surprise some, as 4.8 million AXS tokens are about to be released today. This is roughly 1.8% of its total supply amounting to 270 million coins, and is usually a bearish move for the short-term price.
Tokens are locked up in order to avoid large holders – typically early investors and the project’s team members – from selling…