What contributed to this altcoin ‘outperforming’ Cardano, Dogecoin, and Binance Coin

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The crypto-market is like the wild west. Nothing is certain and sometimes, even unknown currencies are capable of massive gains, making the top ones seem less significant. One such recent success story is that of Axie Infinity’s native token – AXS – after it more than doubled in just three days. 

The AXS/USD exchange rate touched a record value of $32.69 on 23 July, up 31.28% intraday and up 131% up from its 20 July low of $14. Owing to the same, the crypto-asset was placed in the list of best-performing digital assets on a year-to-date timeframe with 2021 gains of around 5,000%.

Right before the token’s price pump, there were speculations about Axie Infinity “revolutionizing” the blockchain-enabled gaming industry and “growing faster than any company.”

How much truth there is to the aforementioned claims can’t be assessed simply by looking at the charts. One thing that stood out the most, however, was that AXS registered higher 24-hour trade volumes than most major alts. AXS’s trade volumes over the period stood at $1.63 billion, way higher than Binance Coin (BNB), Litecoin (LTC), Dogecoin (DOGE), EOS, Tron(TRX), Stellar(XLM), and…

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