SLP is still falling

It has been a weird experience watching SLP continue to fall.

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When I started doing an Axie scholarship about 2.5 months back, I assumed the price of SLP would go down from where it was at that time. Prices in the $0.20+ range being "normal" felt so high that I just had to assume it would go back down.

When I talked to people I would say that it seemed possible to me the token would dip as low as $0.08 to $0.09, prices that seemed really low back when SLP was still around a quarter.

Where's The Bottom?

Now SLP is sitting below $0.07 today, a low that I didn't expect to see it reach.

The chunk of SLP I've been thinking of selling, but waiting to see if prices rise, is now looking sadder than ever. I imagine a lot of people who are giving things a few days to turn around may now be inclined to panic sell, only increasing the downward pressure on the price.

SLP's value comes primarily from its utility for Axie breeding. I haven't looked closely at the statistics, but in a macro level view it seems like it would be hard to drive a high SLP price without continued demand for a lot more axies, which means a lot more new player adoption.

There seems like there could be some kind of problem with how constant the selling of SLP will always be so long as players are doing scholarships to pay for day-to-day life expenses.

Even if a scholar "graduates" to their own team of axies, they're going to be selling more SLP than they buy. It seems like most people would eventually chill out and just play/sell.

Is Low SLP a problem?

I think the biggest thing to keep in mind is that low SLP might not be a problem. If most of the people playing the game are living in economies where the rewards of $0.06 SLP are still substantial relative to their cost of living, they'll keep playing.

If v2 battles makes the game way more fun, we might see more adoption in wealthier areas of the world. As for now though I really do think the primary reason people play this game is for money, not for fun.

I don't worry about this too much, but I do hope SLP doesn't sink too much further. At a certain point it wouldn't make much sense for me to keep grinding the game.

IDK, what do you think about the SLP price?

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