Smooth Love Potion price update — Smooth Love Potion hit new lows as of this post at $0.03. Sure, there was some negative news surrounding Axie Infinity, but did that have anything to do with the steep price drop? Why did SLP drop in the first place? If you were to ask me, I would say we are entering a Bear market? BitBoy Crypto says otherwise.
A few weeks ago, Bitcoin crashed and it brought a large percentage of the crypto market down with it, including SLP. When this type of event happens, it usually takes a few weeks before the market corrects and fully recovers. Because Bitcoin holds the majority of the market’s liquidity, currently about 1 trillion dollars, it will typically drag a large percentage of the crypto market down with it when it crashes.
This is not the fault of Axie Infinity or SLP. Nothing the company did directly affected the price of SLP. You have to step back and look at the charts, but make sure you zoom out to get a bird’s eye view to compare other projects. You’ll see just about every crypto project took a massive hit, not just SLP. Just like SLP, many are still in the red.
As far as Axie Infinity’s plan, they cannot grow their company without SLP. SLP is wormed deep into Axie Infinity’s ecosystem. Without SLP there is no Axie Infinity. They would have to rebuild their entire business model. Not happening. Simply put, they have far too many players in the game that hold large amounts of SLP. No matter how you slice it, SLP is here to stay.
With all the new Axie Infinity updates on the way, we should expect to see the price of SLP to continue to rise. Not just because of Axie’s major updates, but because the crypto market as a whole is a big part of what drives it and will continue to go up for the next few months. Yes, we are still in a semi-bullish market. So pay attention to the market, not just Axie Infinity’s news or it’s SLP’s numbers.