Smooth Love Potion (SLP) is skyrocketing in value just prior to the launch of Season 20 of Axie Infinity, the world’s most popular play-to-earn blockchain game.
The SLP token has tripled in value within days. SLP currently sells for $0.027 as of 02/12/2022. The 24-hour trading range is.024-.032.
Market capitalization for the in-game currency is $927,503,521; trading volume during 24-hour periods: $1,365,000.400.410
SLP currently ranks as the 102nd most valuable cryptocurrency in terms of market value.
The rally occurs following a significant update to the game’s economy, which removed player benefits for completing key in-game tasks, such as Adventure Mode SLP and Daily Quest SLP.
What is Axie Infinity?
Axie is an iconic title in the world of pay-to-earn gaming. Its gameplay is inspired by classic games like Pokémon and Tamagotchi.
Players can gather, breed, combat, and trade “Axies” in the game. As rewards, SLP tokens can be earned and used to purchase in-game features like breeding new species.
Source: TradingView.com| Source: TradingView.com
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The ERC-20 token SLP can be used as in-game currency for Axie Infinity. It is a blockchain-based popular game.
Axie Infinity offers users the opportunity to create unique, digital Axies.
An NFT called Axies can be sold, bred or used to fight other players. The Axie Infinity game utilizes a multi-token economy and Axie Infinity Shards (AXS) as the ecosystem’s governance token.
SLP cryptocurrency, which is available in-game, can be used to help Axie breeders. Axie Metaverse supports the purchase, sale, or exchange of other crypto currencies on compatible exchanges.
What is the Axie Rewards System?
Season 20’s most recent update appears to include a 56% drop in daily SLP token supply.
SLP will be removed from daily questing and adventure mode, further increasing the token’s scarcity.
SLP/BNB has been added to Binance as a trading pair earlier in the week. This allows traders to exchange BNB for SLP via Binance.
It is common for tokens to see a rise in price when they are listed on major exchanges such as Binance. This happens because the token becomes more affordable to new investors.
While Axie Infinity’s SLP has seen significant increases in recent months, it remains well below previous highs. The SLP token was trading at $0.39 an unit seven months ago.
The game is still attracting more investors and players.
Crypto Records Australia reports that an Axie Infinity plot NFT was sold at a record price of US$2.48 Million in November.
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Featured Image from Crypto Economy Chart from TradingView.com