It has been almost a year since a mysterious wallet for Axie Infinity has been accumulating Smooth Love Potion (SLP).
According to the observers and the blockchain analyzing firms, the wallet has been accumulating SLP very quietly.
The collected data suggests that as of now, billions of SLP have been accumulated by the mysterious Axie Infinity wallet. Smooth Love Potion is the native token on the Axie Infinity platform, which is one of the largest play-to-earn (P2E) games in the world of cryptocurrencies.
Current Holding of the Wallet
As per the latest updates, the particular Axie Infinity wallet currently holds more than 22 billion Smooth Love Potion tokens. It is quite shocking that the total holding of the wallet is over 50% of the overall token supply of SLP.
As the wallet has been gathering a tremendous amount of SLP, it has raised many concerns among the Axie Infinity community.
The biggest question among the Axie Infinity users is surrounding the wallet owner. The users want to know the identity of the wallet which may give them an idea about the intentions of the user.
Michael Benko Highlighted the Wallet
Michael Benko, the tech co-founder, and the Axie Infinity player was the one who pointed out the unusual activity of the wallet.
He was the one who started to notice the movement of the SLP on the particular wallet back on August 25. Since then, Benko has been updating the Axie Infinity community about the movement of SLPs on the wallet.
What Alerted Benko?
As Benko was the first to realize the mysterious movement in the wallet, he was surprised to witness such a large amount of SLP inside of it.
As the total number of SLP on the particular wallet is more than half the SLP currently in circulation, it is a matter of huge concern among the SLP community.
At the time of writing, the trading value of Smooth Love Potion stands at a low of $0.003925 having experienced a 2.21% dip in the past 24 hours.
Currently, SLP is 99.07% lower than the all-time high-value SLP had hit back on May 1, 2021. On a particular day, the trading value of SLP had reached a high trading price of $0.4191.
If the particular ticket holder starts selling SLP on a larger scale, it would trigger a great selling spree.
Hypothetically, if the particular wallet sells all the SLP in possession, then the valuation of SLP may drop to $83.60 million as $86.35 worth of SLP will be liquidated.
This would eventually pull the trading price of SLP to a low of $0.001931 and the value of the token may fall even deeper afterward.