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On 14 July, the main play-to-earn platform, Axie Infinity, announced the launch of its marketing campaign, “Lunacian Summer time.” In keeping with the announcement, the marketing campaign, which can span 50 days, will enable players to breed limited-edition summer time skins for his or her sport characters.
Following the marketing campaign launch, for the primary time since August 2021, the burn rate for Axie’s Easy Love Potion (SLP) tokens spiked. A complete of 41,541,750 SLP tokens have been burned because the marketing campaign’s launch.
Comparable campaigns have led to an upward rally within the costs of Axie Infinity’s native tokens, AXS and SLP, up to now. With the continuing marketing campaign coupled with deflationary exercise, how has the SLP token reacted over the previous few days?
Easy crusing to the moon
In keeping with knowledge from CoinMarketCap, when the marketing campaign commenced, the worth per SLP stood at $0.0037. An uptick in gamer exercise prompted by the marketing campaign led to an upward worth rally, forcing the alt to hit a excessive of $0.0040 by 16 July.
Exchanging palms at $0.003994 on the time of press, the worth appreciated by 7% in three days. Inside that interval, the crypto’s market capitalization noticed a slight uptick from $159 million to $171 million.
On the 24-hour chart, SLP posted a 5% hike in worth. Buying and selling quantity was, nevertheless, down by 0.22%. A gentle accumulation of SLP tokens has been underway over the past 24 hours. On an upward curve at 49.40, the Relative Power Index (RSI) was noticed trying to cross the 50 impartial mark.
Inching nearer to the overbought area, the Cash Circulate Index (MFI) marked its territory at 61.64.
Supply: TradingView
Traders stay bullish, though…
In keeping with knowledge from Santiment, a network-wide accumulation of SLP tokens transpired over the past three days. With the Imply Coin Age on a rising slope, traders have taken to filling their luggage with SLPs because the graduation of the marketing campaign. At press time, this metric stood at 127.
Supply: Santiment
Nonetheless, regardless of this accumulation development, on a day-to-day foundation, the on-chain efficiency of SLP has declined since 14 July. For instance, at 88 on the time of writing, the variety of distinctive addresses that transacted SLP tokens inside the interval below evaluate logged a 24% decline.
Equally, the mixture quantity of SLP tokens throughout all accomplished transactions since 14 July dropped by 80%.
Supply: Santiment
Apparently, regardless of the marketing campaign, SLP launched into a decline submit 14 July. At 0.042% on the time of press, the Social Dominance metric declined by 61% in three days.
The Social Quantity of the altcoin logged a 77% decline inside the similar time interval.
Supply: Santiment
Down 99% from its all-time excessive, SLP may require extra than simply pores and skin breeding campaigns and deflationary ways.
