AXS token surges after reward mechanism overhaul: latest price and in-depth analysis

January 23, 2026, the token AXS of the blockchain game giant Axie Infinity continues to rise in price on the Gate exchange, with an increase of over 247% in the past 30 days, bringing its market capitalization to $748 million. This price surge is no coincidence; its core driving force stems from Sky Mavis launching a series of aggressive token reforms in early 2026, aimed at breaking the vicious inflation cycle, rewarding genuine players, and building a solid underlying support for the token’s value.

01 Market Overview: AXS Price and Data Snapshot

As of January 23, 2026, Axie Infinity’s token AXS has demonstrated strong market momentum. According to real-time data from CoinGecko, AXS is currently priced at US$2.83, up 9.2% in the past 24 hours.

More notably, its short-term and medium-term performance. Over the past 7 days, AXS price has surged by 149.80%, and over the past 30 days, the increase has reached an astonishing 238.4%. This rally has pushed its market cap back to approximately US$477 million, ranking 155th in the global cryptocurrency market.

On mainstream exchanges like Gate, the AXS/USDT trading pair remains active, with market buy sentiment high.

02 Core of the Reform: Interpreting Axie Infinity’s Aggressive Economic Model

The fundamental reason for this price explosion is the largest economic model overhaul implemented by developer Sky Mavis since 2021, carried out in early 2026. Its main reforms directly target long-standing economic issues within the project.

First, starting from January 7, the project team completely halted SLP (Smooth Love Potion) token emissions in the Origins mode. This move directly cuts off the “farming-sell” cycle of automated bot farms, expected to reduce the daily new supply of SLP (i.e., inflation pressure) by over 30%, alleviating long-term selling pressure from the source.

Second, and more disruptive, is the introduction of bAXS (Bonded AXS). bAXS is a non-transferable token that will gradually replace the freely tradable AXS as in-game rewards.

Players receive bAXS and AXS on a 1:1 backing, but bAXS can only be used for in-game breeding, upgrading, evolving, spending, or governance, and cannot be transferred to external accounts for trading. This design aims to deeply bind rewards to genuine gameplay actions, significantly raising the exit barriers for speculators and bots.

03 Market Logic: How Do Reforms Drive Price Surge?

The new economic model works through multiple mechanisms, creating strong expectations for price increases.

First is the sharp contraction on the supply side. Halting SLP emissions directly reduces overall market selling pressure. Replacing tradable AXS with non-tradable bAXS as rewards means that, for a period, the new supply of freely circulating AXS generated by game rewards will be greatly reduced or temporarily zero.

Second is the creation of clear deflation expectations. The project plans that when players use bAXS for breeding, upgrading, and other operations in-game, some tokens will be permanently burned. This consumption mechanism is equivalent to implementing a deflationary policy on circulating AXS, further enhancing its scarcity value.

Finally, the fundamental shift in incentive structure. The reform aims to transform the economic model from “externally driven by speculation” to “internally driven by consumption.” By rewarding genuine players rather than short-term speculators, the project hopes to build a healthier, more resilient internal economic cycle, laying a more sustainable foundation for AXS’s long-term value.

04 Future Outlook: AXS Price Prospects and Investment Logic

Despite the recent significant increase, market expectations for AXS remain optimistic. Based on historical data and market trend analysis, Gate platform suggests that buying at current prices and holding until 2031 could yield a potential return of up to +77%. Its forecast indicates that the average price of AXS in 2026 could reach US$1.74, with a peak of US$2.59.

Of course, any investment must be viewed rationally with regard to risks. The cryptocurrency market itself is highly volatile, and Sky Mavis’s reform has been described by co-founder Jihoz as a “greater risk” strategy. Its success ultimately depends on whether the new game content can truly attract and retain players, creating genuine demand for the token.

05 Trading Guide: Why Choose Gate for AXS Trading?

For users interested in participating in AXS investment, choosing a safe, reliable, and fully featured trading platform is crucial. As a top global cryptocurrency exchange, Gate is an ideal choice for trading AXS.

Gate offers spot trading for main pairs like AXS/USDT, supports leverage trading, and provides a variety of wealth management products to meet different risk preferences.

The platform’s daily spot trading volume exceeds $2.55 billion, with sufficient depth to ensure smooth and fair trading. Since its establishment in 2013, Gate has obtained regulatory licenses in multiple countries and commits to maintaining 100% user asset reserves, providing a solid security guarantee.

Future Outlook

With the launch of Axie Infinity’s new season and the upcoming release of Atia’s Legacy MMO and other major content, the ecosystem’s activity is expected to further increase. On Gate’s real-time market page, AXS’s price chart continues to write new chapters. This rally ignited by economic model reforms is redefining the value narrative of GameFi.