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Investing.com – One of the smaller metaphysical coins rallied during Monday’s trading to sweep across the market in terms of both strength and percentage gain.
Since the beginning of the year, the famous Metaverse currency, Access Infinity, has come as one of the best performing currencies, after recording a strong rise of more than 100% so far.
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Warning
With the spread of the phenomenon of meme currencies and dog currencies such as Chiba Inu and Doge Coin, which found support from financial and business magnates such as Elon Musk, some dumped currencies began to appear, and investing in them involves high risks, which may reach the extent of losing all your money, so care must be taken. Caution, as all the data contained in the report is just a monitoring of price fluctuations according to the trading platforms.
The tallest now
The Axie Infinity AXS currency symbol rose by more than 42% during Monday’s trading, approaching 14 levels, reaching levels near $13.83.
On the other hand, the Access symbol rose by more than 55% within 24 hours, jumping from the lowest price at $8.96 to current levels, and in less than 5 days, the Access symbol rose from levels below $8, up 75%.
140% since the beginning of the year
On the other hand, the Access currency jumped from the beginning of the year from $5.86 to the highest price today, Monday, with an increase of 140%, while it rose by 50% within a week and by 85% within a month.
As a result of these strong rises, the market value of Access currency jumped from levels below $600 million to $1.3 billion, reaching the 41st rank among the major currencies in terms of market value.
Warning of relapse
Despite the positive performance of the token, the average number of players dropped to its lowest level in November 2020, according to Active Player data.
The current rally comes ahead of an imminent open that will release 4.89 million new tokens, 1.8% of the total asset supply of 270 million tokens, worth approximately $63.8 million.
As a result, and with the launch of new tokens that will be made available later today, market analysts fear that this could lead to selling pressure on the asset.
Several market analysts advised their community to trade with caution, while some argued that making the tokens available provided temporary pressure before the currency continues its strong year-to-date gains.
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The market reversed
“I think the market has become so reflexive that the funding rate is at around +0.03% which means you start to see an imbalance with more longs than shorts,” said Felix Hartmann, managing partner at Hartmann Capital.
Meanwhile, the P2E game counted nearly 100,000 live players and 432,000 players over the past month, which is a sharp drop from the more than two million players recorded between September 2021 and May 2022.
It is mentioned that some currencies involve outrageous fraud and a major deception that may destroy the fortunes of those looking for a foothold in the land of dreams, as they catch up with a currency from its inception, so that it may be the new one. Moreover, the digital currency market, specifically those new currencies, as it goes off at full speed and decreases at full speed also, As it is a highly volatile market with high risk, so you must be very careful when dealing with cryptocurrencies that can make you rich overnight, and may steal your money in moments…