SLP bottom discovery mode: on
Assets covered: Smooth Love Potion (SLP)
Metrics used: Social Volume, Active Addresses, Age Consumed, Network Profit Loss, Supply Distribution by number of addresses
Charts Layout: https://app.santiment.net/s/GRo050Q6
SLP managed to break it's all time low today:
$0.0088! It's almost 44x from ATH less than a year ago. We could suggest that this is quite painful for SLP holders. And if it really is, it could probably be a nice formed bottom somewhere near.
1. Crowd sentiment
We spent some time reading SLP related messages in crypto social media and this is what kind of posts we noticed:
- No need for a bear market! slp had been falling for 9 months already! tell me, should we play this game to earn 0 0089 cents?
- There's only one data behind SLP: To steal money of small investors and players
- SLP is decreasing like hell only going to downwards
Seems quite disappointed.
2. Social volume
The total amount of SLP mentions in crypto social media looking like this:
It's increasing on the way down. More and more disappointment?
3. Onchain activity. Active addresses
We see a strong increase in SLP onchain activity last weeks. You could also notice that it's diverging with price. More and more addresses are interacting with SLP daily while the price keeps falling down. Quite a bullish divergence itself.
4. Age consumed
This picture is not as clear as above, but still some increase in age consumed can be noticed. The deeper we go, the more long term holders losing patience and moving their SLP bags. Perhaps looking to offload.
5. Network Profit Loss
The picture says it all. Almost no profits last months (one single positive spike). Only loss. Poor SLP holders.
Only one single wealthiest group selected here, holders from $100K in SLP. And what they seem to be doing? Accumulating almost all the way since November. No matter the price is diving deeper and deeper. Whales keep increasing their holdings.
SLP seems to be a very 'painful' bottom these days. Quite some bullish signs all over the charts. Do we miss something? Any bearish indicators?
Charts used: https://app.santiment.net/s/GRo050Q6
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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