DeFi vs Gaming. Episode 3: SLP
Assets covered: Smooth Love Potion (SLP)
Metrics used: Daily Active Addresses, Network Growth, Holders Distribution
Today we are going to take a closer look at one single gaming token, SLP.
First of all, its price performance:
SLP declined by 30% last week, two weeks after setting a new ATH.
Second, its onchain activity, daily active addresses:
It looks like we've built a higher low and lower low at the same time. Overall the trend seems to be looking up. And if we look at last week only, a heavy bullish divergence is seen, when price dumps on skyrocketing onchain activity.
Third, network growth. Using it like another indicator of onchain activity:
Same long uptrend here. Diverging with price last week. Like a confirmation of this sort of bullish divergence.
Last thing, holders distribution. Or holders behavior. We can clearly seen that all group of SLP holders smaller than exchanges are accumulating heavily. All groups:
The only group distributing coins to smaller holders is obviously exchanges:
Everybody is accumulating SLP. Everybody believes it could go higher. Onchain activity is very strong. The hype is here. What could go wrong?
Do you think it's going to pump next weeks? Or may be it's doomed to dump? Comments are open.
Charts layout: https://app.santiment.net/charts/slp-july-2021-6580
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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