Smooth Love Potion price prediction: Could it be magic now?

Axie Infinity’s SLP token has fallen since July 2021 as in-game rewards have dropped

Smooth Love Potion logo                                 
Smooth Love Potion is rewarded to players for completing Axie Infinity’s daily quests and battling with the creatures – Photo: Shutterstock
                                

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Axie Infinity has fuelled the play-to-earn industry after demonstrating huge success with its platform. Its Smooth Love Potion (SLP) token is key to that success. The token is given as a reward to users for playing the game and can be spent to breed new creatures.

People in developing countries have turned to Axie Infinity as a new source of income. But the game has started to fail these users because the number of rewards has been falling since July. Now players earn less than the Philippines’ average wage.

The SLP token has subsequently been on a massively bearish trend, losing 97% of its value since its peak in July. Could the new Axie Infinity update bring some much needed hope to SLP?

What is Smooth Love Potion (SLP)?

Axie Infinity took inspiration from successful games such as Pokémon, but included a key difference. The game allowed players to own their items and earn currency with real worth. Players collect creatures called Axies that exist as non-fungible tokens, which they can breed, battle and trade.

This is where Smooth Love Potion comes into play. The ERC-20 token can be earned by completing daily quests and battling with the Axies. The Axie Infinity team compares it to the coins from Super Mario, but with monetary value.

These tokens can then be used to breed new Axies. The cost of these starts at 100SLP and increases gradually depending on how many you have bred. Axies can only be bred up to seven times, to stop hyperinflation.

Axie Infinity proved to be a huge initial success with its SLP token rising rapidly. But has it lost its charm?

SLP’s price history

SLP launched at the beginning of January 2020 on UniSwap around the $0.03 mark. The token was one of the first of its kind, spearheading the innovative idea that you could earn from playing games. Despite the excitement from the co-founder, Jeff Zirlin, on Twitter, the market was not quite ready for SLP and it had dropped below $0.01 by 1 February.

However, the gaming token did see its first price spike later that month. SLP had climbed back over the $0.01 mark and to $0.016 on 19 February. This came after the launch of the first season of the player vs player (PVP) arena. Throughout the season, players battle each other up the rankings: the higher the ranking, the more rewards the user earns.

Over the following months, SLP fell below $0.01 and continued to drop gradually. By 20 June, the token stooped to $0.003. But, only a few weeks later, SLP would see its first substantial price surge.

SLP raced from $0.003 on 6 July to $0.19 two days later, breaking past the $0.10 barrier for the first time. In a blog post, Axie Infinity argued this breakout was because of the game’s enticing nature. It said: “The increased SLP price strengthened our narrative of play to earn and brought many new eyes to our ecosystem. We were most excited to see that although many of the new community members came to speculate, they were drawn in by the game and community, and have stuck around.”

The price explosion had also come just before the end date of season seven of the PVP arena. By 12 July, the day it finished, SLP had dropped to $0.02.

It rallied again in early August as the team changed some of the dynamics to the battle system. It implemented player-demanded features such as increasing the amount of healing from certain characters. SLP peaked at $0.07 on 12 August, which was still much lower than its July rally.

Despite falling in late August, SLP reached $0.07 again on 1 September as season 10 went live. This time players could earn DGX, a cryptocurrency whose value is tied to the price of gold.

Although SLP did see smaller spikes in its price over the following months, it was now in a long-term bearish trend. The gaming token had plummeted to $0.01 on 1 January 2021. But it would soon break out again.

2021: A mixed bag for SLP

Smooth Love Potion started rallying at the beginning of February. This coincided with the launch of Ronin, a sidenet of Ethereum designed specifically for Axie Infinity. Ronin was created to avoid the pressures and high gas fees of the Ethereum mainnet. Players could now migrate their items to the new sidenet.

SLP reached $0.07 again on 21 February and it broke past $0.10 on 15 March. The same day, Axie Infinity tweeted the exciting projects it was working on. These included a new battle system approved by the Ubisoft game studio and a marketplace upgrade.

The gaming token fell slightly after peaking in mid-March, dropping to $0.03 on 24 April. SLP then set its all-time high a couple of days later, racing to $0.41 on 1 May. The rally started after Ronin was updated to allow users to migrate their Axies to the Ethereum sidenet. Users could now use the network for breeding, token claiming and marketplace transactions.

SLP was unable to maintain the price and it fell back to $0.13 on 31 May. It stayed roughly at that level for the following month, but managed to remain above the $0.10 barrier.

July 2021 was Axie Infinity’s most active month to date. SLP came close to its all time-high on 13 July, reaching $0.40. This came as its platform exploded in popularity. Between 1 July and 14 July, Axie Infinity’s daily users and transactions almost tripled, according to DappRadar. Its userbase raced to 24,619 daily players on 14 July and its transactions reached 37,284.

Unfortunately for Axie Infinity, it was unable to maintain this success. Its users, transactions and SLP started falling after the end of July and did not stop. During September it had stooped below the $0.10 mark and it dropped even further to $0.01 in January 2022.

Axie Infinity’s slump has been attributed to losing its main demographic in developing countries, such as the Philippines. As Covid hit, many quit their day jobs and turned to the game as a source of income. But after changes in its mechanics, rewards started to fall. The fall in rewards is almost identical to the SLP price drop, according to Naavik.

However, it began to look hopeful again for SLP as April 2022 saw the launch of a major new update announced for Axie Infinity. Under the name Axie Infinity: Origins, the upgrade's mission is to improve the interface, storylines and game mechanics.

On 4 April, SLP saw a slight peak at $0.02 as it got closer to launching the update. Yet despite Origins going live and a new upgrade to the revamp on 27 May, the price of SLP has been stuck in a bearish trend. At the time of writing, on 27 May, SLP is valued at $0.0051, down 63% in a recent 30-day peroid.

Smooth Love Potion price prediction

There is a conflicting view about SLP’s future. While some think it will never escape its bearish trend, others are more hopeful, forecasting a steady rise.

The sentiment around Smooth Love Potion is bearish, according to CoinCodex’s technical indicators. However, itts Smooth Love Potion price prediction for 2022 says: “the price of Smooth Love Potion will decrease by -5.78% and reach $ 0.004801 by June 1, 2022.” Yet it still suggests that it’s now “a bad time to buy Smooth Love Potion”.

WalletInvestor agrees with CoinCodex, stating that SLP is a bad buy for a one-year investment. Its SLP coin price prediction expects the token to continue losing its value in 2022, dropping to $0.0006 in a year. Its Smooth Love Potion price prediction for 2025 expects it to drop to $0.00004 at the beginning of the year.

Meanwhile, PricePrediction forecasts steady growth for the gaming token. Its SLP price prediction estimates that it will reach $0.014 in 2024 and $0.032 in 2026. Its Smooth Love Potion price prediction for 2030 expects it to rise to $0.15.

DigitalCoin forecasts this growth to be slower. Its SLP price prediction expects the coin to rise to around $0.006 this year, climbing to $0.009 in 2025. The site predicts SLP to eventually reach $0.02 in 2030.

Axie Infinity has popularised the innovative play-to-earn gaming model. The platform enjoyed great success in July 2021. However, this has not lasted. Critics argue the drop in rewards has caused players to abandon ship and the future of SLP is now hanging in the balance.

FAQs

There is currently a circulating supply of 5.38 billion SLP, with no maximum amount. Players can earn SLP by completing daily quests and battling others in Axie Infinity.

It might be. Since its peak in July 2021, SLP has been plagued with a bearish trend. It fell below the $0.10 mark in September 2021 and below $0.01 in May 2022. This has given many price predictions a pessimistic outlook on the future of SLP. Remember, you should always do your own research before investing.

It could do. The verdict from price predictions depends on who you ask. WalletInvestor forecasts the token to continue losing its worth, while PricePrediction expects a steady rise. Cryptocurrencies are not always predictable and can be volatile, so you should never invest more than you can afford to lose.

It depends. Axie Infinity has created an innovative game that has fuelled the play to earn industry. However, its SLP token has been on a bearish trend since July 2021. There is a conflicted view on whether Smooth Love Potion can win over investors again. Remember, you should always do your own research before investing.

Further reading

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