Smooth Love Potion SLP price, market cap $0 003009 Chart
Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 750 exchanges. You’ll be able to spend your SLP to breed new Axies in the game and continue playing, or you can sell it in the open market. You can either trade your SLP for money on the Ronin-based Katana DEX, on Uniswap if you transfer your SLP to the Ethereum network using the Ronin bridge, or you can trade your SLP on centralized exchanges.
The play-to-earn model also implies that every time a player is rewarded with SLP the total token supply increases, adding pressure on its value. This can disincentivize players to continue playing the game as they earn less in the long term and may quickly cash out their tokens to avoid inflation-driven price drops. Axie Infinity players are, however, rewarded with SLP for winning competitions in the game. This is where the difference between traditional gaming and the play-to-earn movement lies.
- A November rally in metaverse-related tokens followed the renaming of Facebook’s (FB) parent company to Meta Platforms (META).
- Although the Axie Infinity platform offers several ways to earn SLP tokens, it can be difficult for players to accumulate enough SLP to successfully breed their Axies.
- The bullish action could not continue, however, and SLP plummeted to a local bottom at $0.08 by late May 2021.
- The upgrade eliminated SLP rewards for completing daily quests and fighting monsters in the adventure mode in an attempt to sharpen users’ focus on the player-versus-player (PvP) mode.
The upgrade eliminated SLP rewards for completing daily quests and fighting monsters in the adventure mode in an attempt to sharpen users’ focus on the player-versus-player (PvP) mode. The team behind Axie Infinity had to completely revamp the SLP rewards structure by the time the game reached its peak of nearly 2.5 million daily users in early 2022. The price of SLP token skyrocketed 10x on the week when the Axie team initiated migration to the Ronin network, reaching a new all-time high of around $0.4. The bullish action could not continue, however, and SLP plummeted to a local bottom at $0.08 by late May 2021. It’s also important to pay attention to the color of the candle – a green candle means that the closing price was higher than the opening price, while a red candle tells us the opposite. Some charts will use hollow and filled candlestick bodies instead of colors to represent the same thing.
Smooth Love Potion (SLP) Price Prediction 2024, 2025–2030
In this way, the SLP crypto supply is contingent on activity in the Axie Infinity game. The first breeding costs players 600 SLP, and gradually increases upward until the seventh breeding, which costs over 10,000 SLP. With the SLP token charge for Axie Infinity breeding gradually increasing, the more progress a player makes in the game, the more SLP they will likely need to expend. The limit of seven total possible breedings also serves to help limit the revenue-generating capabilities of each individual Axie NFT.
Is Smooth Love Potion a good buy in 2024?
The market capitalization of Smooth Love Potion can change significantly in a short period of time. Most traders use candlestick charts, as they provide more information than a simple line chart. Many cryptocurrency traders pay close attention to the markets when the current Smooth Love Potion price crosses an important moving average like the 200-day SMA. A November rally in metaverse-related tokens followed the renaming of Facebook’s (FB) parent company to Meta Platforms (META). The SLP price rose to $0.1352 on 4 November, but a bearish turn across the cryptocurrency markets pulled the price lower.
A qualified professional should be consulted prior to making financial decisions. Smooth Love Potion produces its own wallet software that is available for download on its website, which allows you to store Smooth Love Potion on your computer. You’ll then be able to claim your SLP rewards and transfer them to your wallet. The number of in-game battlers have plummeted following the upgrade activation, down from 2.176 million in the week prior to the pivot to just 0.517 million in mid-June, as per Axie Infinity’s data. Axie Infinity was also not able to strike a balance between the SLP issuance and burn, as evidenced by the token’s performance. Currently, the Smooth Love Potion Fear & Greed Index stands at 55, which means that investors’ sentiment is in the so-called Greed zone.
Smooth Love Potion Charts
The SLP coin, previously known as ‘small love potion’, is a utility token that players in the Pokémon-inspired Axie Infinity universe can earn as rewards for gameplay. Players can use SLP to breed digital pets called Axies, NFTs that they can sell to other players in the Axie Infinity Marketplace. In addition to the simple moving average (SMA), traders also use another type of moving average called the exponential moving average slp coin forum (EMA). The EMA gives more weight to more recent prices, and therefore reacts more quickly to recent price action. The Smooth Love Potion price prediction on CoinCodex is calculated using the historical Smooth Love Potion price dataset, accounting for past volatility and market movements. In addition, the algorithm uses the cyclical nature of Bitcoin halvings, which introduce extra supply-side pressure on BTC every 4 years.
Currencies that are positively correlated with Smooth Love Potion indicate that the movement of one has a statistically significant weight to lead the other in the same direction. For currencies that are negatively correlated with Smooth Love Potion, a move in one direction for Smooth Love Potion would translate into a move in the opposite direction for the negatively correlated coin. How you invest is a personal decision depending on your risk tolerance and investing strategy. You should do your own research to take an informed view of the market and decide whether SLP is an appropriate fit for your portfolio. “One major benefit of transitioning to Origin from Classic is expanded abilities to balance the SLP economy. Thus, the design of the SLP rewards system with Origin is being tuned in a way to align with that goal,” they wrote in their newsletter.
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Although the Axie Infinity platform offers several ways to earn SLP tokens, it can be difficult for players to accumulate enough SLP to successfully breed their Axies. In response, a secondary market on Uniswap for SLP token exchanges arose from a desire to quickly accumulate the token without needing to expend as much time or effort to earn it via traditional in-game methods. So while players earn SLP by playing Axie Infinity, they might also purchase additional SLP from other players on SLP token exchanges to accelerate their in-game progress.
An RSI reading under 30 indicates that the asset is currently undervalued, while an RSI reading above 70 indicates that the asset is currently overvalued. The blockchain-based design enables Axie to reward players for their contributions to the ecosystem, which has taken the lead in popularising the ‘play-to-earn’ model for NFT games. “Axie has attracted thousands of players from developing countries in the pursuit of a new income stream during the Covid pandemic,” according to the whitepaper.
Yet, it’s safe to say that SLP may continue to decline until Axie Infinity finds sustainable ways to burn the excessive supply. No play-to-earn game has deployed a largely balanced tokenomics model yet, and it remains to be seen whether Axie Infinity can pioneer a sustainable gaming economy. Players can also sell their Axies in exchange for SLP tokens on the in-game marketplace.
This has historically played a pivotal role in cryptocurrency markets and is a major component of creating a realistic Smooth Love Potion prediction. Axie Infinity pioneered the Play-to-Earn model as we know it, putting in-game assets https://cryptolisting.org/ on the blockchain and adding financial incentives for players. Axie Infinity’s game mechanics were emulated by hundreds of other teams, thereby giving rise to a new sector in the crypto market – user-centric blockchain gaming.