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Why Are the Prices of Axie Infinity (Axs) and Smooth Love Potion (Slp) Tokens So High Right Now?

AXS’s 24-hour trading volume jumped 133.4 percent to $820M. SLP’s trading volume increased 410.1 percent to $1 billion during the same period. At publication time, SLP was trending on Coin Market Cap. Both AXS and SLP were trending on Coin Gecko.

The ‘Axies’ in Axie Infinity have bodily components that match to battle techniques. On Wednesday, Axie Infinity announced that ears would finally receive their own cards.

The initiative warned Twitter users not to base market choices on these teases.

It’s a taste of what’s to come in Origin, stated Axie Infinity on Twitter.

On the same day, Axie Infinity made high-resolution artwork available via Google Drive.

Why Are the Prices of Axie Infinity (Axs) and Smooth Love Potion (Slp) Tokens So High Right Now?

In just three days, the price of the Axie Infinity (AXS) cryptocurrency token has risen by approximately 40 percent. In response to Axie Infinity’s announcement of a redesigned incentive system for its player-vs-player competition round, AXS surged to more over $65, its highest level in more than two weeks.

Why Are the Prices of Axie Infinity (Axs) and Smooth Love Potion (Slp) Tokens So High Right Now?

In particular, the play-to-earn startup increased the number of leaderboard places available to 300,000 and increased the number of AXS incentives available to 117,676 from the previous 3,000 for the upcoming season.

As Axie Infinity said in a statement, “This will accelerate the competitive Axie scene and increase demand for quality Axie teams in the ecosystem.” The company also stated that the change will result in a $6-million prize pool for Season 20.

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The Axie Infinity Metaverse

The Axie Infinity project is now one of the most popular DeFi projects accessible in the cryptocurrency market, and it is expected to grow in popularity. This DeFi project, which is built on the Ethereum blockchain, is a ‘play-to-earn’ NFT game in which users use unique gaming characters called Axies to combat against one another in a ‘play-to-win’ environment.

For those who are new to the crypto sector, the primary game character (Axie) may appear to be extremely similar to a Pokémon to them. The terms Axie and Pokémon are frequently used interchangeably by players in most situations.

It is possible to keep Axies in a Ronin wallet or an Ethereum wallet, as they are non-fungible tokens (NFTs). Because they are NFTs, each Axie is unique and different from the others. In order to accommodate this, they have various bodily sections, separate classifications, and varied stats.

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It is necessary for each participant to construct their own squad of Axies in order to participate in the game. Axes may be purchased from an NFT marketplace by players who wish to create their own squad. Additionally, players can borrow Axies from their other players through a scholarship scheme, which is available to all players.

Smooth Love Potion (SLP)

As previously stated, the Smooth Love Potion (SLP) is a cryptocurrency that exists within the Axie Infinity environment and is used to purchase in-game items. SLP (Small Love Potion) is an ERC-20 token that was previously known as “Love Potion.” The total number of SLP tokens in circulation presently exceeds 4.37 billion, and the total number of tokens available is limitless. Furthermore, the total market capitalization of this cryptocurrency is valued more than $150 million.

SLP tokens have a specific application in that they may be used to breed young Axies. In addition, the token is given to players as a thank you for participating in Axie Infinity. Players that achieve a high ranking in the game will also get AXS tokens as a reward for their efforts.

Previously, gamers could earn SLP coins by completing their daily tasks, however this has been changed. Players, on the other hand, may only gain SLP tokens by participating in adventures or fights while playing the game. A typical method of earning SLP tokens is to engage in battle with your allies in the arena.

Why Are the Prices of Axie Infinity (Axs) and Smooth Love Potion (Slp) Tokens So High Right Now?

To breed their own axies, users must have a particular quantity of SLP tokens, which may be obtained through several means. The fact that each Axie has a distinct breeding cost is important to remember since each Axie’s breed differs from the breed of the Axies that have already been bred before. In general, one Axie may produce offspring up to seven times. It is necessary to breed many times in order to obtain a bigger number of SLP tokens.

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In order to minimise the quantity of Smooth Love Potion tokens that are in circulation, a burn mechanism has been implemented. Most of the time, SLP tokens are burnt once each breeding session has been finished.

Because it is available on a variety of cryptocurrency exchange platforms, SLP holders have the chance to speculate on its prospective price and trade it in the same way that many other crypto assets are traded. As a result, the token is used not only as an in-game reward for players in the Axie Infinity metaverse, but also as a reward for players in the Axie Infinity metaverse.

Smooth Love Potion Recent Price Movement

Several factors during the final quarter of 2021, including a recent downtrend in crypto markets, led to a decline in the price of SLP tokens. These factors resulted in the token price reaching an all-time low of $0.0087.

SLP, like many other cryptocurrencies, has witnessed a significant growth in its value over the past three weeks, with its price having risen by 75 percent from its previous low. As a result of this price increase, the token reached a new all-time high on February 10, 2022, with the coin price exceeding the $0.041 mark. As of Feb. 9, SLP has the largest rise of any currency in the top 300 in the previous 24 hours, according to Coin Market Cap.

There are a variety of variables contributing to the recent increase in the value of this coin. One factor contributing to this increase in price may be traced to the recent increase in the value of the world’s most valuable crypto asset, Bitcoin.

According to the current update in the game, another reason for the increase in value of the SLP token is the increase in supply. The Season 20 update for Axie Infinity was released on February 3rd, according to the game’s creators. A number of changes in the update are intended to change some aspects of the game mechanics on Axie infinite, including the ability to summon monsters.

Why Are the Prices of Axie Infinity (Axs) and Smooth Love Potion (Slp) Tokens So High Right Now?

It is anticipated that the quantity of SLP tokens that will be created as incentives for users will be reduced as a result of this upgrade.

According to the project’s Substack, which was issued on February 3rd, daily increases in the token supply for the game would be decreased by a total of 165,000,000 coins.

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The deployment of this update has resulted in the elimination of the 50 SLP tokens that were previously associated with the game’s adventure mode. In contrast to multiplayer game, adventure mode lets players to play entirely on their own. This modification will have a considerable impact on the quantity of new SLP tokens issued each day as a result of the change.

A new feature added in Season 20’s update will fully reduce the emissions caused by daily quests and other activities. Daily quests are tasks that players must do in order to acquire SLP tokens as a reward for their efforts. The Season 20 functionality is now live, and the quantity of

SLP emissions will be reduced by about 45 million tokens every day as a result of this.

The withdrawal of SLP tokens from the adventure mode and daily quest mode has had a knock-on impact on the price of SLP tokens in the market. SLP prices have therefore increased as a result of this development. Due to the widespread acceptance and use of the game, it is projected that further price rises will be witnessed in the near future.

 

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