AXS Token Sees 6.77% Drop as New bAXS Model Spurs Volatility and Heavy Trading

Axie Infinity's AXS token has experienced heightened volatility over the past 24 hours, driven by recent tokenomics changes, including reduced emission rates and the introduction of the bAXS reward model aimed at promoting long-term stability. The announcement of bAXS and variable fees on sales triggered a price rally earlier in the week, supported by increased retail demand and higher futures open interest, but the market has since shown signs of correction as technical indicators entered overbought territory and leverage was reduced on MEXC to manage risk.

Currently, AXSUSDT is trading at $2.397 on Binance, down 6.77% from the previous 24-hour open of $2.571, with substantial trading volume reflecting continued active market participation and a circulating supply near 168.75 million tokens. The recent price decrease is attributed to profit-taking after the rally and adjustments from major exchanges, alongside broader market trends affecting sentiment.