Max E.Thu, Feb 10, 2022 5:32 PM
Smooth Love Potion: 10 February Price Digest
Over the past week, the price of the Smooth Love Potion (SLP) token has increased by 249%. On February 10, the SLP token was trading at $0.04. Over the past day, the price of the token has increased by 65.98%. In July 2021, the altcoin updated its all-time high above $0.39. Since then, it has fallen in price by 93%.
SLP:USDT 3h Chart
The price of SLP began to skyrocket after the developers of the blockchain game Axie Infinity unveiled plans to update the reward structure.
Axie Infinity is a blockchain game where players fight against each other with the help of fantastical creatures. Each creature is represented in the form of an NFT token. Axie Infinity Shards (AXS) is the governance token at the heart of the Axie Infinity platform, while Smooth Love Potion (SLP) is the platform utility token.
The native AXS token has experienced major price drops in recent months, raising questions about the viability and sustainability of the play-and-earn model. In response, the developers of Axie have announced several fundamental changes to the gameplay of Axie in an attempt to revitalize the in-game economy of this blockchain game.
From now on, players will no longer receive SLP tokens for completing daily quests and adventure mode. The project creators estimate that this move will reduce the issuance of new SLPs by about 45 million tokens every day.
The update to the Smooth Love Potion Protocol (SLP) utility token is also making its sister governance token, Axie Infinity Protocol (AXS), more valuable. It has regained investor confidence following the unveiling of plans for a revamped reward structure and is already showing impressive results – as much as 220% gain in the last week.
From a technical standpoint, AXS has successfully delivered a U-shaped recovery despite the weak sentiment currently seen in the broader cryptocurrency market. The token is now rapidly approaching its 50-day moving average. Axie Infinity (AXS) price today is $66.01, it is 2.51% up in the last 24 hours.