After the price falls of BTC, ETH, LUNA, and StepN, everyone appears to agree that a bear market has begun. Polygon chain growth was the primary reason for only a 1.9% increase in new GameFi projects in May. The growth rates of Ethereum and BSC, the two most important chain initiatives, have both halted recently.
The popularity of several blockchain games has established a major barrier to entry. In popular games like Axie Infinity, NFTs can sell for hundreds or even thousands of dollars. As a result, gamers have organized “gaming guilds,” which are decentralized, independent organizations. GameFi is seeing a decline in both transactions and active users. Overall, there were 19.83 million users on May 31. 830,000 new users and 19 million long-term users are included in this total. Overall, there were 13.4 percent fewer active users in May compared to April. Here are a few GameFi utility tokens for you to peruse!
Love Potion that is Silky and Silky Smooth (SLP)
One of the most popular games on GameFi is Axie Infinity, a card trading and military strategy game. First, it sold more than $1 billion in tokens and simultaneously hosted more than a million gamers every day. Its burn method and uneven distribution of SLPs caused a few problems once the game was released in November 2021.
Smooth Love Potion (SLP), Axie’s in-game token, was overproduced and distributed without proper means of burning or complete destruction. SLP tokens were destroyed completely. Axie’s inflation was caused by the loss of value of its SLPs and its inability to motivate players. Take a peek at the cost of SLP.
After failing to break over the $0.0048 resistance level, SLP retraces back to the important support level of $0.0033. SLP has to break through the $0.0048 resistance level in the medium term before it can be considered bullish again. At $0.0061, the key barrier level, SLP’s price must rise over resistance at $0.0048.
Satoshi Tokens in the color of green (GST)
In the fitness business, Stepn (GST) is employing cryptocurrency and blockchain technology to compete with other fitness startups. An app developed by FindSatoshi Lab and built on Solana lets users make money while running, walking, or jogging. More than three million people use the NFT-based exercise app each month. Considering the large number of clients, market experts wonder if this will result in a little increase in the GST price. Let’s have a peek at the GST price.
GST has recently fallen below the $0.181 support level, which will act as resistance going forward. Despite that, it is unable to break beyond the $0.181 resistance level. The next region of focus is the support level of $0.1625 or $0.17. If the bulls break through and close above the $0.181 resistance level, GST can aim for the $0.19 and $0.21 important resistance levels.
Astronomical Observatory DAO (POLIS)
The Solana-based Metaverse NFT project Star Atlas is working on a massively multiplayer online strategy game about exploring and conquering space. ATLAS tokens and POLIS tokens make up its dual-token economy. Bitfinex, a cutting-edge digital token trading platform, has launched trading pairs for ATLAS and POLIS.
Players can use the tokens to buy and sell game assets, mine for resources, buy machines, and gain more control over the Star Atlas cryptocurrency game. The POLIS coin is also a governance component in the ecosystem. Consider the price of POLIS.
After recently losing support at $0.42, POLIS is now trading at a loss. In the coming days and weeks, this price level will serve as a barrier. There is some support at $0.34 for the time being. For a short-term bullish trend to triumph over declining momentum, POLIS must rise over $0.42. $0.58 is a major level of resistance if it succeeds in breaking through
Visit Altcoin Buzz Access if you want to get the most up to date research on NFT purchases, Layer 1 chains or DeFi. Monthly rates begin at just $99 for the most basic of options!
There is a lot of information about cryptocurrency on the Altcoin Buzz YouTube page.
Please credit TradingView for the photos used on this page.
This site’s content is not meant to be used as financial advice. For educational and informational purposes solely, this material is being provided. The information and tactics provided by the writer/reviewers are based on their personal risk tolerance, which may be different from yours. We are not liable for any losses you may suffer as a result of any investments you make based on the information given.
Consult with a financial advisor and conduct your own research before making any investments. While we do our best to ensure the quality and timeliness of the information provided, we make no guarantees or warranties as to its completeness or correctness. Do your homework before investing in Bitcoin or any other cryptocurrency. All rights reserved by Altcoin Buzz Pte Ltd.
Is There a Future for GameFi Utility Tokens (GUTs)? Altcoin Buzz originally reported about SLP, GST, and POLIS