Axie Infinity (AXS) Smooth Love Potion (SLP), one of the two main tokens of the gaming ecosystem, forms the basis of AXS’ tokenomy. According to the latest development, there is valuable news for AXS.
Axie Infinity’s SLP Token Burn/Mint Ratio Reversals After Long Time
A different situation has been observed in the gaming ecosystem recently by an AXS investor on Twitter. According to the investor’s observations altcoin team has been burning more than the amount of the Smooth Love Potion (SLP) token it has released in the past few days.
Realizing the situation, the investor reported that the previous date when the amount of burning of SLP tokens exceeded the amount of mint occurred in August of 2021, almost a year ago.
The burn rate for SLP tokens has been rising since June 26, 2022. Meanwhile, in the last 10 days, this process has been progressing with the SLP printing rate falling.
It should be noted that Axie Infinity launched its special “breeding” campaign called Lunacian Summer on July 14. While this campaign is active, Axie Infinity fans can earn special “skins” for their Axie.
SLP Currently Trades 99 Percent Lower Than Peak Point
Campaigns like Lunacian Summer were also held in the third quarter of 2018 and 2019, and investors were able to produce and use in-game characters called “Summer Axies”.
Following the launch of Lunacian Summer, the price of the SLP token rose by more than 17.6% from $0.0034 to over $0.004. However, the game remains one of the worst performers among GameFi giants. The SLP token has fallen by 99.1% since its all-time high recorded in May 2021.
*Not investment advice.