Axie Infinity (AXS) has taken the cryptocurrency world by storm, growing in popularity and value seemingly overnight. As it continues to attract a large following, many are comparing it to the infamous SafeMoon, which has also gained quite a bit of attention recently. But is Axie Infinity the new SafeMoon?
What is SafeMoon?
Before diving into the comparison, it’s important to understand what each of these cryptocurrencies is and how they function. SafeMoon is a relatively new cryptocurrency that was created as a “deflationary token,” meaning that a portion of each transaction goes into a liquidity pool, which effectively reduces the total number of tokens in circulation. The urge to include other tokens in the user’s list can also lead to losing their value in comparison to some famous ones. In order to see more, you can visit Immediate Edge
What is AXS?
Axie Infinity, on the other hand, is a blockchain-based game that uses NFTs (non-fungible tokens) as in-game items. Players can buy and breed Axies, which are cute creatures that resemble a cross between a bird and a rabbit. The value of AXS is driven by a combination of factors, including the popularity of the game itself, the demand for Axies, and the overall hype around the cryptocurrency market.
Comparison between the two
So, how do these two cryptocurrencies compare? On the surface, they may not seem all that similar, but some key similarities could make the comparison valid. Both SafeMoon and Axie Infinity are relatively new to the cryptocurrency scene and have quickly gained a large following. They both have a strong community of supporters who are enthusiastic about the potential for growth and value appreciation. Additionally, both tokens have seen massive gains in value over relatively short periods, which has drawn the attention of investors and traders alike. There are remarkable differences between the two entities. SafeMoon is a purely speculative investment, with no real-world use case beyond trading and speculation. In contrast, Axie Infinity has a tangible, real-world use case in the form of the game itself.
While the value of AXS is still largely driven by speculation, there is at least some underlying value to the token beyond pure hype. SafeMoon is considered a high-risk entity to be invested in and thus it needs to be studied and analyzed properly before being invested concerning time and monetary terms. In contrast, Axie Infinity is seen by some as a lower-risk investment, thanks to the underlying value provided by the game. That’s not to say that AXS is completely without risk – any cryptocurrency investment carries some level of risk – but it’s generally considered to be less risky than SafeMoon.
One other factor to consider is the long-term potential of each token. While SafeMoon has certainly generated a lot of buzz in recent months, it remains to be seen whether it will have any staying power. The deflationary token model has been criticized by some as unsustainable and potentially damaging to the overall cryptocurrency market. In contrast, Axie Infinity is built on a solid foundation of a popular game that has a dedicated user base. Despite it being new, there are chances for it to grow out of the box for a better tomorrow.
In conclusion, while there are certainly some similarities between SafeMoon and Axie Infinity, they are ultimately two very different cryptocurrencies with different strengths and weaknesses. Whether AXS is the “new SafeMoon” may be up for debate, but there’s no denying that it has captured the attention of the cryptocurrency community and could have significant potential for growth in the coming years. Before making any investment one should always do his studies related to the asset he is going to deal with so that anything unforeseen can be handled at its proper time.