This Cryptocurrency Gave The Best Returns In July, And No — It's Not Dogecoin Or Any Meme Coin

Axie Infinity (AXS), a token connected to the blockchain-based game of the same name, was by far the best cryptocurrency in terms of returns in July.

What Happened: AXS left the likes of Dogecoin DOGE/USD and the other meme-coin cohort far behind in the rearview mirror in terms of returns.

AXS skyrocketed a whopping 651.03% over the course of July, while DOGE fell 17.93% in the same period.

Shiba Inu SHIB/USD, another meme coin, did not match AXS’ returns either. SHIB declined 29.14% last month.

At press time, AXS traded 10.06% higher at $42.46 over 24 hours, while DOGE traded 1.71% higher at $0.20.

See Also: How To Buy Axie Infinity (AXS)

Why It Matters: Not only did AXS outpace the gains of meme coins, it also left behind Bitcoin BTC/USD and Ethereum ETH/USD, however, its upwards trajectory is threatened by aggressive short selling.

Cathie Wood-led Ark Invest analyst Nick Grous called Axie Infinity the “foundation” of an “emerging economy” coming up around play-to-earn games on Tuesday.

See Also: NFT Growth Remains Strong As Shown By Axie Infinity, OpenSea, CryptoPunks, Says Analyst

Grous also touched on Smooth Love Potion SLP/USD, a token that can be earned by winning battles on Axie Infinity. That token spiked 71.96% in July. At press time, SLP traded 2.59% higher over 24 hours at $0.211.

“By breeding Axies and earning SLP, full-time players earned $1,500 on average and generated $200 million in platform fees last month alone,” noted the Ark analyst.

Jeffrey Jiho Zirlin, Axie Infinity co-founder, noted last month that the project gathered more revenue than Metamask, Pancakeswap CAKE/USD, MakerDao MKR/USD, and Curve CRV/USD put together.

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photo: courtesy of Axie Infinity