A metaverse coin earned by Axie Infinity players from missions, ended 2021 with a 80% loss due to its high supply. Why is this cryptocurrency crashing, whose price is almost 0?
Axie Infinity’s SLP token is now in free fall amid a flood of new players flocking to the game for a nearly zero
Smooth Love Potion (SLP) price. At the time of writing, it found support at the low of $0.005 and reached $0.005238 again. Axie Infinity game developer Lars Doucet tweeted on Thursday that SLP had dropped to $0.004, approaching almost zero.
Axie Infinity led the metaverse coin trend
Axie Infinity is the pioneer of play-to-win NFT games, the latest trend of 2021. Just like meme tokens, it is the first NFT game to reach saturation level with 30% daily bursts. In Axie Infinity, a Pokemon-like game, the monsters in the game are developed and missions are completed. It also participates in arenas earned SLP. Players can cash out the SLP token they earn while playing the game. However, the SLP price has been down since May 1, 2021 ATH of $0.4191, accompanied by new SLPs earned from the game and constantly being added to the circulating supply. The Axie Infinity team had made an update to balance SLP production to stop the decline.
SLP Smooth Love Potion (SLP) drop
Smooth Love Potion drop highlights the challenges associated with play-to-win (P2E) NFT games. Players will definitely need to find more ways to earn tokens with mechanics to increase their value. Axie Infinity sought to increase SLP by removing SLP farming ponds from the game. Then, recently players were allowed to burn SLPs by participating in tournaments to increase the prize pool. However, despite all these improvements, the game seems to have a hard time recovering. Axie Shards peaked at $150 in 2021 but are now under $20.
Not only the metaverse coin market, but almost the entire altcoin market, including Bitcoin and Ethereum, is in decline. The Terra event, which we quoted as Kriptokoin.com, accompanied Bitcoin to find the bottom of $ 28,702.91. The LUNA and UST collapse were associated with alleged personal attacks on the project, not to mention deep retreats.
In the case of Axie Infinity, its developers are still working despite the staggering decline. They are optimistic about this and even released Axie Infinity: Origin, the mobile Android version of the game. Developers and gamers alike are hopeful about this new release, as Axie Infinity is now more accessible to all players than ever before.
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