Smooth Love Potion(SLP): The Crypto Token That Powers Axie Infinity

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Well isn’t the name enchanting? Smooth Love Potion (SLP) is a crypto token in the popular blockchain-based game Axie Infinity. Axie Infinity is a game where players can collect, breed, battle, and digital trade creatures called Axies, represented as non-fungible tokens (NFTs).

SLP is an ERC-20 token that serves as a replacement for experience points in the game. Players can earn SLP by winning battles, completing quests, and participating in events. It can also be bought and sold on crypto exchanges.

Origins of SLP

It was launched in December 2019 as a utility token for Axie Infinity. The game was created by a Vietnamese company called Sky Mavis, founded by Trung Nguyen, a former software developer who left his job to pursue his dream of making a blockchain game. Nguyen was inspired by games like Pokemon and CryptoKitties and wanted to create a game where players could genuinely own and use their digital assets in various ways.

Profitability of SLP

SLP is mainly used for breeding new Axies, which can then be sold on the marketplace as NFTs for profit. The cost of breeding starts at 100 SLP for the first time but increases gradually for each subsequent breed, up to a maximum of 2,100 SLP for the seventh time. This limit exists to prevent hyperinflation and maintain scarcity in the game.

The profitability depends on several factors, such as the demand and supply of Axies, the price of AXS, the difficulty of earning SLP, and the competition from other players. Some players have reported making thousands of dollars monthly by playing Axie Infinity and selling their bred Axies. However, this also requires time, skill, and investment.

Price Journey of SLP

SLP started trading at around $0.0003 in December 2019 and remained relatively stable until June 2021, when it surged to over $0.3 amid the growing popularity of Axie Infinity and NFTs. The token reached its all-time high of $0.42. However, since then, it has declined significantly and is currently trading at around $0.0030

The price drop can be attributed to several factors, such as the increase in supply due to more players earning SLP, the decrease in demand due to lower prices of Axies, the competition from other blockchain games and NFT projects, and the overall market sentiment.

Current Price Analysis of SLP

SLP is currently has $126 million market capitalization. It has a circulating supply of 42.2 billion tokens and no hard cap. It has a 24-hour trading volume of $149 million and is listed on several exchanges, such as Binance, Uniswap, Huobi, and Bitcoiva. It is up by 5% in 1 day and 11% up in 1 week. Let’s look at the chart for trend analysis:

Smooth Love Potion(Slp): The Crypto Token That Powers Axie Infinity
On the daily timeframe level, the price action formed out symmetrical triangle pattern level where the price action bounced back from its daily horizontal support level and took out the formation of Bearish Harmonic Bat pattern level where D leg is yet to be filled out. We can expect out a Higher low level before any further upward movement

Future of SLP

The future of SLP depends mainly on the future of Axie Infinity and its community. The game attracts millions of players worldwide, especially from developing countries, where playing Axie Infinity can provide income. The game also has a strong roadmap that includes land gameplay, a governance system, tournaments, and partnerships.

However, the game also faces scalability issues, regulatory uncertainty, technical glitches, and competition from other games and platforms. The success will depend on how well Sky Mavis can address these challenges and maintain its user base and engagement.

SLP is an innovative token that uniquely bridges gaming and crypto. It offers players a way to earn money while having fun and owning their digital assets. However, it also comes with risks and volatility that require careful analysis and market knowledge.

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Harsh Panghal
Harsh Panghal

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