Small Love Potion (SLP) is up by a whopping 100% on the back of Axie Infinity's new Ronin DEX launch.
Small Love Potion (SLP) is up a whopping 100% in the past 24 hours. The massive games come on the back of Axie Infinity, the project, part of whose ecosystem SLP is, launching a decentralized exchange.
Play-to-Earn continues to be a dominating field in the cryptocurrency industry, and today is just another proof of it.
Small Love Potion is a token part of the ecosystem of Axie Infinity. In fact, it’s the cryptocurrency that players earn while playing the game, and it can also be used to breed new Axies.
Over the past 24 hours, SLP’s price has gone up a whopping 100% before retracing a bit to where it currently trades.
Chart by TradingView
There are a couple of reasons that might explain the staggering surge of SLP.
First things first, the broader play-to-earn ecosystem is growing considerably in the past week following Facebook’s decision to rebrand to Meta and focus on building the metaverse.
This alone led to the increase in some cryptocurrencies such as SAND and MANA.
On the other hand, though, Axie Infinity announced today that it has launched Katana – the Ronin DEX.
The exchange will be activating RON rewards for the AXS/ETH and SLP/ETH pools later throughout the week, and it’s entirely possible that investors are loading up in anticipation.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
