Axie Infinity reaches a new market cap peak of over $9.17 billion

Vietnamese cryptocurrency hits $9 bln market cap a nine-time surge in two months.

According to cryptocurrency database CoinMarketCap, an AXS coin is now priced at $149.57, rising 75 percent in the last four days.

The data showed, AXS now ranks as the 20 biggest cryptocurrencies in the world. Its market cap reached $1 billion for the first time in July.

Axie Infinity (AXS) is a blockchain-based game in which players buy non-fungible tokens of monsters and then battle them against each other. AXS is a native token and it costs four of them to “breed” a monster.

The project was developed by Sky Mavis company, which founded by Nguyen Thanh Trung since 2017.

In Vietnam, both Bitcoin and other cryptocurrencies are not recognized as a legitimate means of payment. The State Bank of Vietnam has warned that owning, trading and using cryptocurrencies are risky and not protected by law.