Tag: Smooth Love Potion

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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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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This Ethereum-Based Gaming Altcoin Is Flashing Bullish Signals After Hitting a New All-Time Low: Santiment

by Dailyhodl

Crypto analytics firm Santiment says that the native token of a popular Ethereum-based gaming project is starting to look bullish after a multi-month downtrend.

Santiment says that Smooth Love Potion (SLP), which is earned by participating in the Axie Infinity (AXS) game, could soon be bottoming out after falling by over 97% from its all-time high.

“$0.0088! It’s almost 44x from all-time high less than a year ago. We could suggest that this is quite painful for SLP holders. And if it really is, it could probably be a nice formed bottom somewhere near.”

SLP is trading at $0.01 at the time of writing, slightly over 10% above its new all-time low of approximately $0.009.

The analytics firm says that SLP is flashing an on-chain bullish signal despite the coin’s sustained correction.

“We see a strong increase in SLP on-chain activity last weeks. You could also notice that it’s diverging with price. More and more addresses are interacting with SLP daily while the price keeps falling down. Quite a bullish divergence itself.”

Source: Santiment

Santiment also says that SLP whales, or entities owning more than $100,000 worth of Axie Infinity’s native token, are accumulating, a process that started toward the end of 2021.

“Only one single wealthiest group selected here, holders from $100,000 in SLP. And what they seem to be doing? Accumulating almost all the way since November. No matter the price is diving deeper and deeper. Whales keep increasing their holdings.”

Source: Santiment

You can read the full report here.

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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 refreshes record high as AXS ascends 131% in just three days

by Cointelegraph

The price of Axie Infinity’s native token AXS more than doubled in just three days of trading amid speculation that it is going to revolutionalize the blockchain-enabled gaming industry forever.

The AXS/USD exchange rate reached a record value of $32.69 on Friday, up 31.28% intraday, and circa 131% from its Tuesday low of $14.09. That placed the pair in the list of best-performing digital assets on a year-to-date timeframe; its 2021 gains are now above 5,000%.

Axie Infinity’s massive upside moves appeared due to its rising popularity as a play-to-earn gaming service. In detail, the Ethereum-enabled blockchain project is a Pokemon-like game wherein players adopt, breed, and trade digital pets—called Axies—in the form of non-fungible tokens.

Axie developer Sky Mavis called the game “a nation with a real economy,” which allows people to shape economic policies and practice local governance in a metaverse. The virtual environment has gained traction among netizens, insomuch that its total revenue closed towards $120M in July versus $1.92M at the beginning of this year.

Axie Infinity revenue is close to hitting $120M. Source: Axie World

Analysts at Delphi Digital forecasted that Axie’s revenue would reach approximately $153M by the end of July and $1.1B by the 2021’s close.

What’s AXS?

Axie developers focus on creating a play-to-earn model. In doing so, the project rewards players for the effort and time they put in both playing and growing the ecosystem. Every functional ecosystem needs tokens to transfer value. In Axie’s case, two assets fill that role: Axie Infinity Shards (AXS) and Smooth Love Potion (SLP).

Players earn SLP through Axie gameplay. They can later exchange the token for fiat, enabling a system where playing time turns into person-hour wage. Axie reported that many of its players were making $5 a day by playing Axie, but the income surged to $20 as of late.

Meanwhile, AXS operates as a settlement currency inside the Axie Infinity ecosystem, using trading fees, governance, and Axies’ buying and selling. As a result, its holders receive 95% of Axie Infinity’s total revenue, just like a government that receives tax revenues from its citizens.

Sky Mavis holds about 20% of the total AXS tokens.

The proposition has helped to push AXS demand higher even amid an ongoing sector-wide downtrend. Since its launch, the Axie Infinity token has raked in more than 18,000% profits for its investors.

AXS price technicals

The latest AXS rally also surfaced in the wake of a sector-wide rebound, led by Elon Musk’s revelation that his space technology firm SpaceX holds Bitcoin. He also committed that Tesla would resume the Bitcoin payment option for its electric vehicles once the flagship cryptocurrency would switch to green energy solutions for mining.

Related: Axie Infinity (AXS) axes almost half its value following 971% bull run

Bitcoin’s rebound from below $30,000 sent altcoins in a similar retracement trajectory, thereby benefiting AXS. However, the Axie Infinity token posted better short-term profits than its digital asset rivals, given the euphoria surrounding its gaming project.

AXS has been in a steady uptrend since launch. Source: TradingView.com

Technically, AXS’s latest move uphill had it break above its parabolic resistance. The cryptocurrency now holds $24.07 as its interim support while eyeing a run-up towards its next potential upside targets at $36.48, $56.57, $76.65, and so on.

Conversely, slipping below $24.07 exposes AXS to deeper downside levels at $19.78, $16.40, and $14.03.

AXS trading volume, market sentiment rise 

Additionally, VORTECS™ data from Cointelegraph Markets Pro detected a bullish outlook for AXS on June 23, before its recent price rise.

In detail, the VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS first flipped green early on June 23, 0015 UTC, after which the AXS prices began to rise, reaching as high as 78, four hours before the price peaked at $32.14.

At the time of writing, the VORTECS™ Score for AXS has slid back down to 65, suggesting that the conditions are still favorable for more upside price potential.

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.