SLP saw a hike in burning rate, but will that really be enough
On 14 July, the leading play-to-earn platform, Axie Infinity, announced the launch of its campaign, “Lunacian Summer.” According to the announcement, the campaign, which will span 50 days, will allow gamers to breed limited-edition summer skins for their game characters.
Following the campaign launch, for the first time since August 2021, the burn rate for Axie’s Smooth Love Potion (SLP) tokens spiked. A total of 41,541,750 SLP tokens have been burned since the campaign’s launch.
Similar campaigns have led to an upward rally in the prices of Axie Infinity’s native tokens, AXS and SLP, in the past. With the ongoing campaign coupled with deflationary activity, how has the SLP token reacted over the last few days?
According to data from CoinMarketCap, when the campaign commenced, the price per SLP stood at $0.0037. An uptick in gamer activity prompted by the campaign led to an upward price rally, forcing the alt to hit a high of $0.0040 by 16 July.
Exchanging hands at $0.003994 at the time of press, the price appreciated by 7% in three days. Within that period, the crypto’s market capitalization saw a slight uptick from $159 million to $171 million.
On the 24-hour chart, SLP posted a 5% hike in price. Trading volume was, however, down by 0.22%. A steady accumulation of SLP tokens has been underway over the last 24 hours. On an upward curve at 49.40, the Relative Strength Index (RSI) was spotted attempting to cross the 50 neutral mark.
Inching closer to the overbought region, the Money Flow Index (MFI) marked its territory at 61.64.
Source: TradingView
According to data from Santiment, a network-wide accumulation of SLP tokens transpired over the last three days. With the Mean Coin Age on a rising slope, investors have taken to
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