SLP Crypto Burning Rate Increased, Token Rises 18% in 6 days

SLP Crypto Burning Rate Increased, Token Rises 18% in 6 days

The largest play-to-earn network, Axie Infinity, declared the beginning of its “Lunacian Summer” promotion on July 14. The program will last 50 days and reportedly let players breed special summer skins for their video game avatars. The native token of Axie is Smooth Love Potion (SLP crypto token)

For the first occasion since August 2021, the thermal efficiency for Axie’s Smooth Love Potion (SLP) crypto token increased after the campaign’s launch. Since the beginning of the campaign, an aggregate of 41,541,750 SLP tokens have been burned.

Similar initiatives in the past have caused an increase in the price of Axie Infinity’s native tokens, AXS and SLP. How has the SLP token changed over the last few days in response to the ongoing campaign and deflationary activity?

Will SLP reach the moon?

Data from Tradinview shows that the price of one SLP was $0.00369 at the start of the campaign. The campaign’s increased gaming activity caused a price surge, leading the alternative to reach a high of $0.0051 by July 20.

Slp Coin Vs Usd
slp coin vs usd. Source: tradingview. Com

 

At the time of publication, the price, which was $0.00431, had increased by 18% since the start of the campaign. The market capitalization of the cryptocurrency increased little throughout that time, rising from $159 million to $185 million.

Slp Crypto Market Cap
Slp crypto market cap. Source: coinmarketcap. Com

 

The price of SLP increased by 1% on the 24-hour chart. However, trading volume decreased by 0.22 percent. Over the past 24 hours, SLP crypto tokens have been steadily accumulating. The Relative Strength Index (RSI) attempted to cross the 50 neutral levels on an upward trajectory at 49.40.

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The Money Flow Index (MFI), which is inching into the overbought area, marked its territory at 61.64.

Investors Optimistic

Santiment statistics show that over the last three days, SLP tokens have accumulated over the whole network. Since the start of the campaign, investors have started packing their bags with SLPs due to the Mean Coin Age’s upward trend. This metric was 127 at the time of publication.

Despite this accumulation pattern, SLP’s on-chain performance has declined daily since July 14th. For instance, the number of unique addresses that transacted SLP tokens throughout the review period fell by 24% to 88 as of the time of writing.

Similarly, since July 14th, the total number of SLP tokens across all transactions has decreased by 80%.

It’s interesting to see that after July 14th, SLP started to fall despite the advertising. The Social Dominance metric dropped 61 percent in three days to 0.042 percent at press time.

Within the same time frame, the altcoin’s social volume saw a 77 percent decrease.

SLP crypto token may need more than deflationary strategies and skin breeding programs because it is 99 percent below its peak.

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