Tag: Slp

Crypto Whales Are Focusing on Two Gaming Altcoins As Bitcoin and Ethereum Move to the Upside

by Dailyhodl

Fresh data shows the world’s biggest Ethereum whales are stocking up on a pair of gaming tokens while the broader crypto markets maintain positive momentum after a sluggish start to the year.

The latest numbers from WhaleStats reveal the 1,000 wealthiest non-exchange Ethereum addresses are buying into Decentraland (MANA), a virtual reality world that runs on Ethereum.

In the past 24 hours, the whales have bought on average 1,500 tokens for an average total purchase price of $4,980. MANA has also cracked the top-10 of total holdings, sitting at the ninth slot with an average quantity of 100,905 for a valuation of $331,227.

Whalestats says that total site-wide MANA holdings among whales are worth over $333.6 million and accounts for 3.11% of their cumulative bags.

At time of writing, Decentraland is the 34th ranked crypto by market cap and trading for $3.34.

Also on the whales’ radar is Smooth Love Potion (SLP), a token used within the Axie Infinity (AXS) ecosystem to earn rewards and purchase creatures in the online battling game.

Whalestats reports that over the past day whales purchased on average 125,380 SLP for a total value of $4,696.

The price of Smooth Love Potion has been surging higher and higher all week as news spread that Axie Infinity developers planned to drastically cut future issuance of SLP to curtail inflation.

The token has more than tripled in value and is up another 38% today to $0.037.

Source: Whalestats

Whalestats also posted some of the largest crypto purchases this week:

The 26th-largest wallet named Trinity bought 1,500,000 MANA for $4,980,000.

The 21st-ranked whale purchased 49,999,997 SLP for $1,998,612.

The whale ranked #305 helped itself to 657,998 tokens of layer-2 scaling solution Polygon (MATIC) for $1,322,576, then went back for seconds to the tune of $1,507,480 for 749,990 MATIC.

The 594th-biggest whale was not to be outdone, shelling out over $4 million to acquire 332,900 of UNI, the altcoin that powers the decentralized exchange Uniswap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Axie Infinity’s SLP Token Skyrockets Over 50% After ‘Season 20’ Update

by Decrypt

Popular crypto game Axie Infinity‘s reward token SLP has seen its price shoot up by 58% overnight and over 300% in the last week to reach $0.03787.

SLP’s overnight gains come alongside a surge in the price of the the game’s governance token, AXS, which is up 36% over the last week.

Both coins have risen following the the official announcement of Axie’s ‘Season 20’ update, which makes sweeping changes to the play-to-earn title’s in-game economy.

So what is Axie Infinity, what role does SLP play, and how does the update affect things?

Axie Infinity is a Pokémon/Tamagotchi inspired game in which players collect and breed monster NFTs and battle them for rewards. 

Once players have assembled a team of Axies, they can collect ‘Smooth Love Potion’ (SLP) tokens through battles. SLP tokens can be redeemed for new in-game features, including the ability to breed new Axies. 

Axie Infinity’s Season 20 update

Axie’s new update is centered on reducing the daily supply of SLP tokens by 56%. Players can no longer earn them through daily questing or playing in adventure mode. 

In its blog post, the Sky Mavis team wrote: “The daily quest, in principle, was great to encourage people to play every day, but it’s now become a mass emission mechanism for SLP. By removing the daily quest, we are able to reduce issuance by around 45 million SLP per day.”

The new measures to cap SLP are aimed at increasing token scarcity, a measure which developers feel was absolutely necessary to avert “total and permanent economic collapse.” 

 

The possibility of a meltdown under the game’s previous economy was due to the extremely high inflation of the token, “with around 4x more SLP being created (supplied) per day than burned (demanded) through breeding.” Sky Mavis hopes that the new update will strategically rebalance the game’s economy, which had slumped in recent months, with the floor price for Axie NFTs dropping from several hundred dollars to under $50.

Another big part of Season 20 is onboarding new players. The team has created a $6 million prize fund and now offers rewards of up to 117,676 AXS tokens for the top 300,000 players in the new season.

“Put simply, we’ve prioritized growth and onboard millions. Without this approach, it’s likely that Axie would have remained a small, niche game with a few thousand players.”

Yesterday, there was another positive announcement for SLP: crypto exchange Binance added SLP/BNB as a trading pair, meaning that traders can now directly exchange BNB for SLP on the exchange.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

https://decrypt.co/92625/axie-infinitys-slp-token-skyrockets-over-50-after-season-20-update

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Metaverse Token From Axie Infinity (AXS) Ecosystem Suddenly Erupts 150% in Less Than a Week

by Dailyhodl

One play-to-earn (P2E) altcoin is seeing major gains after news spread that its future supply would be cut drastically.

In a new blog post, hit blockchain-based game Axie Infinity (AXS) announced a major rule change for its 20th season where players will no longer earn Smooth Love Potion (SLP) for completing “daily quests” in an effort to stabilize the token’s value.

“As a first measure to stabilize the economy, we have removed all SLP rewards from adventure mode [which] was originally conceived as a way for the community to learn how to use their Axies. It has outlived its purpose.”

‘Axies’ are non-fungible tokens (NFTs) that also serve as creatures within the game that users can battle and breed.

The gaming company says that the rule change will reduce new SLP issuance by approximately 45 million tokens each day.

A previous blog post stressed how critical the move is toward ensuring the survival of the game itself.

“Inflation of SLP has been very high, with around 4x more SLP being created (supplied) per day than burned (demanded) through breeding [Axies].

We know that this is painful medicine. The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse. That would be far more painful.”

The price of Smooth Love Potion has been ripping higher and higher all week. Last Wednesday SLP was trading for under a penny but began to surge upward in successive waves starting on Monday.

Today the altcoin is up another 39%, and remains up 176% in the last seven days, priced at $0.026

Axie Infinity’s native token AXS is also in a winning mood, having risen nearly 30% over the same time period and currently up 4.81% to $66.69 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Axie Infinity token AXS gains 40% after taking steps to avoid ‘permanent economic collapse’

by Cointelegraph

The price of the Axie Infinity (AXS) token has surged by nearly 40% in three days. AXS rallied to over $65, its best level in more than two weeks, as Axie Infinity revealed a revamped reward structure for its player-vs-player (PVP) competition round.

In detail, the play-to-earn startup expanded its number of leaderboard slots to 300,000 and boosted the amount of AXS rewards to 117,676 from the earlier 3,000 for the next season.

“This will supercharge the competitive Axie scene and create more demand for quality Axie teams in the ecosystem,” Axie Infinity explained, adding that their move would create a $6 million worth of prize pool for Season 20.

AXS/USD daily price chart. Source: TradingView

Economic revamp boosts AXS demand

AXS serves as a governance token for the Axie Infinity protocol. Additionally, it acts as a legal tender to purchase in-game nonfungible tokens (NFTs) — more or less unique digital pets called “Axies” — from the Axie marketplace. Finally, players also use AXS to breed new Axies using the existing ones.

But Axie Infinity uses a dual-token structure. The other crypto, Smooth Love Potions (SLP), was awarded to players for completing daily quests and clearing levels in the adventure mode. Additionally, players received SLP rewards through area combating in the Axie Infinity game.

Axie Infinity also eliminated the daily quest and the adventure mode, meaning gamers would now earn SLP tokens only through area combat. The decision expects to reduce the SLP token daily supply by 56%.

That is vital as players burn SLPs to enable old Axies to breed new ones. Of late, the Axie Infinity team created more SLP to reward players than burned through breeding. Unfortunately, that led to a higher SLP inflation, prompting its per token rate to crash from its summer 2021 highs of $0.40 to $0.008 on Feb. 3.

SLP mints and burns. Source: Axie Infinity

As a result, Axie Infinity removed avenues that were generating more SLPs. The team noted that the daily quest, in principle, encouraged people to play every day but also added a 45 million SLP supply burden onto the Axie Infinity economy. It acknowledged:

“The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse.”

Simply put, the Season 20 update would make SLP scarcer, thus potentially making Axies more valuable. Therefore, in a “perfect” scenario, it could have Axie Infinity gain traction among gamers and crypto supporters alike, theoretically raising demand for its AXS token.

That somewhat explains why the AXS price rallied by over 40% after Axie Infinity’s Feb. 3 announcement.

AXS price technicals

The latest period of buying in the AXS market has prompted its price to reclaim a critical short-term resistance level as support.

Notably, AXS price crossed above its 200-4H exponential moving average (200-4H EMA; the blue wave in the chart below) on Sunday. The recent retests of the same level coincided with an increase in selling sentiment. Therefore, reclaiming it as support raised AXS’s potential to extend its rally.

AXS/USD four-hour (4H) price chart. Source: TradingView

The $68 level would be the next upside target, according to the Fibonacci retracement graph drawn from AXS’s swing high near $140 to its swing low around $45. Meanwhile, a decisive move above the said level could have AXS aim for $80 next. 

Related: Axie Infinity devs release governance token for Ronin Blockchain to mixed player response

Conversely, a pullback from $68 may leave the AXS price at risk of testing its 20-4H EMA (the green wave) near $56 as its next downside target.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.