There are many investment opportunities for crypto traders within the Crypto space. However, investors must select and invest in the right crypto projects to reap any reward on their investments.Selecting and investing in a good crypto project has tremendous upside. For many, it has proved to be a life-changing move. One token that has experienced a massive increase over the past three weeks is the Smooth Love Potion token. This article examines Smooth Love Potion (SLP) Token, a cryptocurrency many have touted as an excellent investment option.However, before providing a verdict on the viability of the Smooth Love Potion (SLP) Token as a good investment option, we will provide a background to this token. We will also identify reasons for its recent positive price movement.Finally, we will discuss the use case of the SLP token and look at its previous price movement while offering a forecast for its potential price value in the future. We will start our review of SLP by briefly examining Axie Infinity, the Crypto project behind the token.
The Axie Infinity Metaverse
The Axie Infinity project is currently among the most popular DeFi projects available in the crypto space. Built on the Ethereum blockchain, this DeFi project is a ‘play-to-earn’ NFT game where players utilize unique game characters called Axies to battle with one another.For newbies within the crypto space, the main game character (Axie) is very similar to a Pokémon. In most cases, players usually use the term Axie and Pokémon interchangeably.Axies are non-fungible tokens (NFT’s) that can be stored in a Ronin wallet or Ethereum wallet. Since they are NFT’s, each Axie is unique and different. As a result, they have different body parts, different classes, and stats.Each player must assemble their own team of Axies if they wish to participate in the game. Players who want to build their own team can purchase axies from an NFT marketplace. Additionally, players can borrow Axies from fellow players through a scholarship program.
Smooth Love Potion (SLP)
As previously stated, the Smooth Love Potion (SLP) is an in-game cryptocurrency in the Axie Infinity ecosystem. SLP is an ERC-20 token formerly known as “Small Love Potion”. The SLP circulating supply currently stands at over 4.37 billion tokens, and its supply is unlimited. Additionally, the total market cap of this token is worth over $150 million.In terms of its use case, SLP tokens can be used for breeding new Axies. The token is also handed out to players as a reward for playing Axie Infinity. Players who rank high in the game will also receive AXS tokens as rewards for gameplay.
Previously, gamers can earn SLP coins by completing their daily quests. However, players can only earn SLP tokens by engaging in adventures or battles during gameplay. A common way to earn SLP tokens involves battling with your Axies in the arena.In terms of breeding, players need a specific number of SLP tokens to breed their own axies. It is crucial to note that there are different breeding costs associated with each Axie due to the differences in the breed of the pre-existing Axies. Generally, each Axie can breed up to seven times. For each subsequent breeding, a larger volume of SLP tokens are required.A burn mechanism is used to reduce the number of Smooth Love Potion tokens that are in circulation. Usually, SLP tokens are burned up after each breeding session is complete.Due to its availability on numerous crypto exchange platforms, SLP holders can speculate on its potential price and trade it like many other crypto assets. As a result, the token does not only serve as an in-game token for rewarding players in the Axie Infinity metaverse.
Endorsements and Partnerships
Axie Infinity has formed partnerships with many leading tech and crypto brands since its launch in March 2018. As an in-game token of the Axie Infinity metaverse, SLP benefits from partnerships and endorsements involving this play-to-earn NFT game.Some of its official partners include brands tech brands like Samsung, Ubisoft, Binance, Kyber Network, Aave, Maker, Delphi Digital, Upbit, and Kyber Network. Investors looking to purchase the Smooth Love Potion Token (SLP) can access it on several CEX and DEX platforms. These exchanges include FTX, OKEX, Bitget, Bybit, Uniswap, and Binance.
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.
As with many other cryptocurrencies, SLP has seen a massive increase in its price over the past three weeks, with its price soaring by 75% from its previous lows. In response to this price spike, the token hit a yearly high on February 10 2022, with coin price reaching $0.041 range. As of Feb. 9, SLP had the greatest gain of any coin in the top 300 within the past 24 hours.There are several factors behind the recent pump in price of this token. One factor behind this spike in price can be attributed to the recent rise in the price value of leading crypto asset Bitcoin.Another reason for the positive price value for the SLP token is down to the latest update in the game. On Febuary 3, Axie Infinity’s developers introduced their Season 20 update for the game. Several features in the update is designed to alter some parts of the game mechanics on Axie infinity.Due to this update, there will be cuts in the number of SLP tokens that will be generated as rewards for users. According to the project’s Substack released on Feb. 3, daily increases in the token supply for the game will be reduced by 165 million coins.The implementation of this update has led to the removal of the 50 SLP tokens attached to the adventure mode in the game. Unlike multiplayer mode, adventure mode allows players to play by themselves. As a result of this change, the number of new SLP tokens created daily will reduce significantly.A new feature included in Season 20’s update will completely eliminate emissions generated from daily quests. Daily quests are tasks players are given to complete in order to receive SLP tokens as a reward. With the Season 20 feature now operational the number of SLP emissions will be cut by about 45 million tokens per day.The removal of SLP tokens attached to the adventure mode and daily quest mode has had a ripple effect on token price. Thereby leading to increases in the price of the SLP. additionally, there are more increases in price are expected to be seen in the future due to the massive adoption and use of the game.
Conclusion
The Season 20 updates to the Axie Infinity Metaverse have reduced the number of tokens available to players in the game. Due to this new features, demand for the SLP token is expected to increase significantly since, the token is crucial in the process of breeding new Axies.Similarly, we expect to see an increased adoption rate for metaverse projects and play to earn NFT games. As a result, we expect the coin price of the SLP token to grow exponentially over the coming days.In our opinion, the Smooth Love Potion Token (SLP) meets all the criteria to be considered a good investment opportunity, and we are recommending it to our readers. As a result of the volatility of cryptocurrencies, we urge you to do your own research before investing in any digital asset.
