With a huge success in the play-to-earn industry and more innovations, Axie infinity has discovered more and more ways for its customers to earn while they play. The smooth love potion token is the reason behind their success. Famous as a reward for winning battles and playing games, SLP can also be used to breed new creatures on Axie infinity marketplaces.
A majority of people and even potential investors have declared Axie infinity as a considerable source of income. However, with the growth of market competition and huge pandemic effects, the token has fallen down in terms of its value and has started to lose customers since July.
What is an SLP token?
SLP is an ERC-20 token used as a reward on the Axie Infinity platform. It can be earned through task completion and quests like defeating bosses and winning games. Apart from that, the SLP token can also be used to breed Axis and trade them at auction in Marketplaces. For the Axie Infinity platform, SLP is crucial and an integrated part of its functioning. However, the SLP token holds a limitless supply but one can’t buy the tokens from Axie infinity itself.
SLP and its fluctuating price history
The token was launched in Jan 2020 on UniSwap at the mark of $0.03. As it gained immense popularity within a short period of time. SLP was known as the first of its kind and an innovative idea to earn while playing games. However, the market cap went down to $0.01 by the first week of February.
With bad comes the good, after SLP suffered a major price low, it regained and climbed back to over $0.016 from $0.01 on 19 February. The price rise came after the launch of the player vs player area, the first season.
This gave rise to huge customer and audience gains as throughout the season players battled with each other to increase their ranking, which further resulted in more earned rewards. Again in the following months, the token fell down to $0.01 and continued to do so gradually. On June 20, SLP stopped its mark to $0.003.
In July, SLP went to the $0.19 mark from $0.03, after which the token broke the record and increased to more than the $0.10 mark for the first time. The price explosion ended after the end of the PVP area and dropped down to $0.02. The mark railed again in August as the dynamics of the battle system were changed, which resulted in player-demanded features like an increasing amount of healing. SLP increased to $0.07 on 12 August.
Again after failing in late august, SLP again increased its mark to $0.07 in September as season 10 was launched. Here, players were able to earn DGX cryptocurrency where its value was tied to the gold price. Smooth love potion token witnessed multiple small and big spikes over the period of time, however, the huge breakdown was seen in January 2021, when the mark went down to $0.01.
Should you invest in SLP?
SLP could be a considerable investment due to its peak in July 2021. After facing multiple price fluctuations, the token was able to hit the mark of $0.10 in September. This can give rise to numerous different predictions on the future of SLP. With the current price downfall, one should do extensive research and consistency study before investing in any form of digital currency. It is predicted that the market value of SLP may increase again.
WalletInvestors forecasts believe the token will continue to hit grounds, while PricePredictions expects it to hit the roof. Cryptocurrencies are highly volatile and subject to market fluctuations which makes them hard to predict and invest in. One should never invest more than what they can afford to lose.
Summary
Cryptocurrency investments require high research and digital-assets knowledge of the official Immediate Edge site and market in order to have a safer trading experience.
The market is currently subjected to high fluctuations and depends largely on the economy. SLP is a token that one can earn through gaming and winning battles, however, cannot guarantee huge profits and rewards.
