$AXS is showing what happens when old narratives get repriced instead of forgotten. Gaming tokens were written off months ago as “dead meta assets” while new sectors soaked up liquidity. But sectors don’t die they hibernate until the market runs out of shiny alternatives.

This leg from 1.883 → 2.761 wasn’t just a squeeze, it was a sentiment flip. Traders stopped treating the token as a relic and started treating it as a sector proxy again. When that happens, volatility isn’t just a product it’s a signal.

Notice how the pullbacks didn’t unwind the move. They refreshed it. That’s not weak hands exiting, that’s new hands onboarding at higher reference prices. A rising market with higher bases is how legacy assets graduate from nostalgia trades to trend assets.

If liquidity keeps flowing into gaming again, AXS doesn’t need to be the fastest mover it just needs to be the benchmark. Benchmarks don’t moon early, they moon last and they moon hardest.

Old narratives never die in crypto. They get repriced when no one expects them to.