The price of Axie Infinity (AXS) surged on Friday, June 24, and rose to hit a high of $17.46 down from trading at about $14.5.
Although the general crypto market is currently experiencing some form of a comeback with the global crypto market cap rising by about 3% to $942.35B at the time of writing.
While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are struggling with rises below 6%, Axie Infinity (AXS) is setting the stage for the crypto comeback with a rise of over 17%.
What led to Axie Infinity (AXS) price surge?
The main reason behind today’s Axie Infinity price surge is the much-publicized announcement by Ronin Network to reopen the Ronin Bridge and the reimbursement of those who lost funds during the Ronin Bridge hack in March.
According to Sky Mavis, the owner of Axie Infinity and Ronin Network, users who lost funds during the $620 million Ronin bridge hack in March and the company will start the refund process soon after restarting the Ronin Bridge.
According to Ronin Network, the Ronin Bridge will be reopened on June 28.
• We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned.
— Ronin (@Ronin_Network) June 23, 2022
• Re-opening will require on a Ronin hard-fork which requires all validators to update their software.
• Validators have been informed regarding next steps to upgrade their validating node.
Ronin has already approved the external audit that was done by blockchain security firm Certik.
In addition to reopening the Ronin Bridge, Ronin Network has also urged all its validators to update their software for a Ronin hard fork.
Ronin has already released guidelines
