Monday, November 28, 2022

Axie Infinity’s SLP Token Value Reaches Zero: Analysis

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Axie Infinity’s SLP token value reached zero and the markets are crashing with every other asset being in the red for the longest time so let’s read more today in our latest altcoin news.

The currency was going down since the market got saturated by players rushing to the game and the SLPs are now worth noting and will not round up to a penny even. The Axie Ifnintiy game developer Lars Doucet added that Axie Infinity’s SLP token is down to $0.004 which will give a rough estimate of $0.00. The platform was a pioneer in trading NFT games and being the frontrunner, it is the first game to reach the saturation level on the market.

In the game, the players are training and breeding these axies so they get to earn SLPs when playing the game. The value of the Axie SLP hit $0.35 in 2021 and was crashing down ever since. The decline of Smooth Love Potion showed the challenges related to P2E NFT gaming so the players will have to find other ways to earn tokens with mechanics in place to boost the value. Axie Infinity tried to increase SLP value by eliminating the SLP farming from the game, especially in the single-player adventure mode in particular. They allowed players recently to burn SLP by joining tournaments to increase the prize pool. Despite all of the improvements, the game seems to have a hard time recovering as Axie Shards peaked at $150 in 2021 but now crashed below $20.

slp token
SLP 24-hour Price Chart (Source: coingecko)

Cryptocurrencies are cratering and these include coins like BTC and ETH. The fall of Terra was devastating because it already reached a peak of $119 but then crashed to nothing at $0.01. LUNA’s demise was associated with the alleged personal attacks on the token as well as major withdrawals. In the case of axie Infinity, the developers are pushing forward despite the staggering decline and they are quite optimisic about it and launched Axie Infinity Origin. The developers are over the moon about the new release as Axie Infinity is quite accessible to the players than ever.

As recently reported, Binance’s Zhao says Axie handled the crisis better and he is disappointed in the way of handling the UST and LUNA collapse.

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