The cryptocurrency community has been abuzz with discussions surrounding a significant movement of $AXS, the native token of Axie Infinity, originating from the wallet of Simon Kim, CEO of Hashed, a prominent bitcoin venture fund. 

The transaction involved the transfer of 455,831 AXS ($3.23 million) to Binance at a rate of $7.08.

On-chain activity data provided by spotonchain has revealed that Simon Kim has vested a total of 2.283 million $AXS from Axie Infinity since 2021. 

Notably, he has moved 1.17 million $AXS to Binance at an average price of $7.54 ($8.81 million), primarily executed before the price experienced a decline.

Simon Kim, CEO of Hashed (@hashed_official), just deposited 455,831 $AXS ($3.23M) to #Binance at $7.08 ~40 minutes ago.

Since 2021, Simon Kim has vested 2.283M $AXS from @AxieInfinity and moved 1.17M $AXS to Binance at $7.54 on avg ($8.81M), mostly before the price dropped.

For… pic.twitter.com/1427st8yAL

— Spot On Chain (@spotonchain) February 2, 2024

$AXS Price Reaction To Monitor

Despite the on-chain activity leading to a slight decline in the price of $AXS, Axie Infinity has demonstrated resilience by bouncing back with a 2% gain and a notable 19% increase in its 24-hour trading volume.

Axie Infinity, the blockchain-based trading and battling game platform renowned for its ownership and operation by its players, has recently formed partnerships with Coingecko and Ronin Network to offer Axie NFT giveaways. With a return on investment (ROI) exceeding 7000%, $AXS continues to garner attention from investors and enthusiasts alike.

Last chance to win a FREE Axie NFT

We’ve teamed up with @AxieInfinity and @Ronin_Network to give away 559 Axie NFTs! Simply redeem a raffle ticket and answer the quiz correctly to stand a chance to win.

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Join now https://t.co/lFp6hA5Jp4 pic.twitter.com/nCcj4Psbzm

— CoinGecko (@coingecko) January 30, 2024

The movement of $AXS tokens from Simon Kim’s wallet to Binance marks a significant development within the Axie Infinity ecosystem, reflecting ongoing activity and interest within the cryptocurrency community. As Axie Infinity continues to expand its partnerships and offerings, the future outlook for $AXS remains dynamic and promising.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ximagination/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ February 3, 2024 11:56 pm