Bottoming Ethereum-Based Gaming Altcoin Might Be Giving Signals To Rise Again!

Crypto analytics firm Santiment is a popular Ethereum-based game project. Axie Infinity (AXS) He stated that a local token in his game may be preparing to rise after a downtrend for several months.

Santiment earned by participating in Axie Infinity (AXS) game Smooth Love Potion (SLP) He stated that the token may have experienced a bottom, or very close to living, after falling more than 97% from its all-time high.

“$0.0088! We are almost 44 times off from our all-time high less than a year ago. We can say that this is quite painful for SLP holders. And if it really is, there’s probably a nicely formed bottom somewhere nearby.”

SLP tokenIt is trading at $0.01 at the time of writing, just over 10% off its all-time low of around $0.009.

The analytics firm noted that despite the coin’s continued correction, SLP is signaling a bullish on-chain data.

“We’ve been seeing a strong increase in SLP on-chain activity over the past weeks. You may also notice that it differs in price. As the price continues to drop, more addresses are interacting with SLP every day. That in itself is a pretty bullish divergence.”

Santiment also added that SLP whales or assets holding more than $100,000 in Axie Infinity native tokens are accumulating, a process that begins towards the end of 2021.

“Only one richest group was selected here, those with more than $100,000 invested in SLP. So what are these whales doing? They have been accumulating almost continuously since November. Whatever the price, it’s diving deeper and deeper. Whales continue to increase their presence.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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