After a brief period of volatility in May and June, the price of the smooth love potion fell to $0,011. It rebounded to $0,4088 on July 20. By September 21, it was trading between $0,05 and $0.10. In October, the price rose to $0.1352 and dropped again in recent days. The sharp drop in the price of the smooth love potion is a concern for the developers of the game.
A report in the Financial Times claimed that players had been converting their Axies to cash to buy items, and thereby contributing to the depreciation of SLP (the cryptocurrency used for the game). But despite this news, Axie Infinity remains one of the most popular video games on the internet, and its blockchain is one of the few that supports it. Can Axie Infinity Recover?” is an important question for fans.
The answer to the question, “Can Axie Infinity Recover?,” is an emphatic “Yes”. The cryptocurrency awarded to players in Axie Infinity, called AXS, has dropped in value since November 2021. However, the developers are planning to implement a system that will auto-balance the coin and ensure its balance over time. Until then, the Axie Infinity price will remain volatile and may be unable to regain its peak in the near future.
If Axie Infinity can recover, it must first flip the $118 hurdle into support and then rise to the December 6 swing high at $108. Only then can it retest its swing low at $94. Failure to rise above the swing high will indicate that buyers are not willing to push AXS higher. A 4-hour candlestick below the $118 hurdle will create a lower low, invalidating the bullish thesis.
Axie Infinity’s popularity was fueled by a slew of new users. After its initial launch, the SLP token was a popular play-to-earn game, earning millions of dollars within a month. Then, the game’s ecosystem released a roadmap that outlined its long-term goals. This created a bullish narrative, and it has been on the rise ever since.
The game’s developers are trying to correct the problems that caused the price of SLP to plunge. Several new players are developing unrealistic expectations of the in-game economy, which is not conducive to long-term growth. The developers are currently learning how to balance the economy, but it’s unclear if the soaring demand for Axies will sustain the game’s SLP currency.
The Axie Infinity blockchain network was also compromised. This hack resulted in the theft of $625 million in SLP, which was then sold in the market. This caused Axie Infinity to recover from the crash and now offers players an opportunity to recover their money. With this new system, Axie Infinity’s game will no longer be a victim of hackers who want to steal money.
As a developer of the game, SLP has made significant efforts to correct the sharp decline in SLP. The price of SLP is based on the demand for Axies and other virtual assets. This is a problem with the in-game economy, as it’s a monopoly that makes it difficult to sell Axies. The SLP coin has been hampered by its recent price drop, but developers have said it is still profitable.
Although there is no official word about the game’s recovery, SLP has seen a recent increase. The game’s price has recovered after a sharp drop of 12% in November. The SLP crypto value is still low, but it remains at an all-time high. Moreover, SLP’s market value is still dependent on new players, sponsorships, and SLP’s price.
The game is a successful web3 game that uses NFT digital pets to battle other players and breed new ones. In the past, the game has been funded by Andreessen Horowitz and other venture capitalists. During the funding round, Axie Infinity was a hit for investors because it offered a blockchain-based gaming platform. The developers have continued to work on implementing a land-based gameplay on the continent of Lunacia and breeding unique Axies.