A number of Short Term Smooth Love Potion (SLP) Traders Surges.
With the current market being rocked by massive volatility, the number of short-term traders for Smooth Love Potion (SLP), an ERC-20 gaming token, has been on the increase in recent times.
The number of addresses holding the token in less than 30 days has surged tremendously over the past month.
According to data from IntoTheBlock, a crypto and blockchain data analytics company, the number of addresses holding SLP for less than a month has risen by 145%.
“By analyzing the balance held by traders – addresses holding for less than 30 days – it has been reaching consistently new highs this month,” IntoTheBlock tweeted today.
The data suggests that most traders are unwilling to hold on to SLP for more than a month due to fears that its price could be primarily affected when the crypto market dips again.
Small Love Potion is an Ethereum-based token of Axie Infinity. The token allows players to use SLP to breed Axies, digital pets, within the Axie Infinity ecosystem, and it can be sold on marketplaces as non-fungible tokens (NFTs).
@smothlovepotion token $SLP is revamping its short-term interest.
By analyzing the balance held by traders – addresses holding for less than 30 days, it has been reaching consistently new highs this month.
Over the past month, it increased by 145%.https://t.co/NChvEfD9l6 pic.twitter.com/dMPM52pOAA
— IntoTheBlock (@intotheblock) February 14, 2022
Traders Avoid Price Crash
Recall that SLP, like other cryptocurrencies, has shredded a large percentage of its value since May 2021.
In May, SLP peaked at $0.41 as interest in the Axie Infinity (AXIE) play-to-earn (P2E) games surged.
However, the current value of the token is nothing compared to its all-time high (ATH), as the token has fallen 93% from its peak.
Considering the massive dump in SLP value, traders do not want to take the risk of holding it any longer than necessary.
Long-Term SLP Holders Outweigh Others
Meanwhile, a larger percentage of SLP holders are long-term investors who may still hold the token, hoping that its price will rise again.
Per data on IntoTheBlock, 98% of the total SLP holders have held the token for over a month.