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Gaming-Based Crypto Rallies 20% As Bitcoin, Ethereum, And Dogecoin Remain Muted

AXS (CRYPTO: AXS), the native token behind Axie Infinity, has rallied over 20%, as the play-to-earn blockchain platform declares decentralization of the project.

What Happened: Axie said on Monday that a group of over 700 influential community members have come together to shape the future of Axie Infinity.

At the time of writing, AXS was trading at $8.36, making it the 50th largest cryptocurrency with a market cap of nearly $812 million, as per CoinMarketCap.

See More: Best Crypto Apps

The team in a blog post declared that they are striving to reach a situation where "invested" community participants have the ability to decide how to resource the Axie Infinity ecosystem. 

The project is still in the early stages of decentralization. “As progress is made on the decentralization continuum, actions like council formation, resource allocation, on-chain voting, and treasury activation will be unlocked,” the blog post said.

The primary aim is to entrust the collective to foster self-governance. Therefore, a team of core community members of Axie Infinity, the "town builders," was created in May.

Price Action: Apex crypto Bitcoin (CRYPTO: BTC) traded lower on Monday evening at $17,043.42, down $1.19%. Ethereum (CRYPTO: ETH) was at $1,265, down 1.11% and Dogecoin (CRYPTO: DOGE) was down by 2% in the past 24 hours.

Read Next: Bitcoin, Ethereum, Dogecoin Struggle With Rate-Hike Anxiety: Analyst Says Crypto Relief Rally 'Isn't Over'

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