On January 23, 2026, the token AXS from blockchain gaming giant Axie Infinity continued its upward trajectory on Gate, surging over 247% in the past 30 days and pushing its market cap to $748 million. This explosive price rally is no accident. At its core, the momentum comes from a series of aggressive tokenomics reforms launched by Sky Mavis at the start of 2026. These changes aim to break the cycle of runaway inflation, reward genuine players, and establish a solid foundation for the token’s long-term value.
01 Market Snapshot: AXS Price and Key Data
As of January 23, 2026, Axie Infinity’s AXS token is showing strong market momentum. According to real-time data from CoinGecko, AXS is currently priced at $2.83, up 9.2% over the past 24 hours.
Even more notable are its short- and mid-term performances. Over the past 7 days, the AXS price has soared 149.80%. In the last 30 days, it has posted a staggering 238.4% gain. This rally has pushed its market capitalization back up to approximately $477 million, ranking it 155th among cryptocurrencies worldwide.
On major exchanges like Gate, the AXS/USDT trading pair remains highly active, with strong buying sentiment driving the market.
02 Core Reforms: Decoding Axie Infinity’s Aggressive Economic Model
The fundamental driver behind this price surge is the largest overhaul of Axie Infinity’s economic model since 2021, implemented by developer Sky Mavis at the start of 2026. The reforms directly address persistent economic challenges that have plagued the project.
First, starting January 7, the team completely halted SLP (Smooth Love Potion) emissions in the Origins mode. This move effectively cut off the "farm-and-dump" cycle exploited by automated bot farms, and is expected to reduce daily SLP supply (i.e., inflationary pressure) by over 30%, easing long-term sell pressure at its source.
Second, and even more disruptive, is the introduction of bAXS (Bonded AXS). bAXS is a non-transferable token that will gradually replace freely tradable AXS as in-game rewards.
Players receive bAXS at a 1:1 guarantee with AXS, but it can only be used for in-game breeding, leveling up, evolution, spending, or governance. It cannot be transferred to external accounts or traded on the open market. This design tightly links rewards to genuine gameplay, significantly raising the exit barriers for speculators and bots.
03 Market Dynamics: How the Reforms Are Fueling the Price Surge
The new economic model combines several mechanisms to create strong upward price expectations.
First, there’s a sharp contraction on the supply side. Halting SLP emissions directly reduces overall market sell pressure. Replacing tradable AXS rewards with non-tradable bAXS means that, for the foreseeable future, the supply of newly minted, freely circulating AXS from game rewards will drop sharply or even temporarily hit zero.
Second, the reforms establish a clear deflationary outlook. The team plans to permanently burn a portion of bAXS tokens whenever players use them for breeding, upgrades, or other in-game activities. This burn mechanism acts as a deflationary force on circulating AXS, further enhancing its scarcity value.
Finally, there’s a fundamental shift in the incentive structure. The reforms aim to pivot the economic model from "external speculation-driven" to "internal consumption-driven." By rewarding real players instead of short-term speculators, the project seeks to build a healthier, more resilient internal economic loop—laying a more sustainable foundation for AXS’s long-term value.
04 Looking Ahead: AXS Price Outlook and Investment Logic
Despite the recent rally, the market remains optimistic about AXS’s future. Gate’s analysis of historical data and market trends suggests that buying at current prices and holding until 2031 could yield potential returns as high as +77%. Their forecast indicates an average AXS price of $1.74 in 2026, with a potential peak of $2.59.
Of course, all investments carry risk. The cryptocurrency market is inherently volatile, and Axie Infinity’s latest reforms—described by co-founder Jihoz as a "higher risk" strategy—will ultimately succeed or fail based on whether the new game content can truly attract and retain players, generating real demand for the token.
05 Trading Guide: Why Trade AXS on Gate?
For those looking to invest in AXS, choosing a secure, reliable, and fully featured trading platform is crucial. As one of the world’s leading cryptocurrency exchanges, Gate is an ideal choice for trading AXS.
Gate offers spot trading for major pairs like AXS/USDT, as well as leveraged trading and a wide range of wealth management products to suit different risk profiles.
With daily spot trading volumes exceeding $2.55 billion and deep liquidity, Gate ensures smooth and fair trading for users. Since its founding in 2013, Gate has obtained regulatory licenses in multiple countries and maintains a 100% user asset reserve commitment, providing robust security for user funds.
Outlook
With the launch of Axie Infinity’s new season and the upcoming release of major content like Atia’s Legacy MMO, ecosystem activity is expected to rise further. On Gate’s real-time market page, AXS’s price curve continues to write new chapters. This rally, ignited by economic model reforms, is redefining the value narrative of GameFi.
