The price of AXS and SLP rose sharply after the successful migration of the project to the Ronin sidechain on the Ethereum network.
Irreversible tokens were one of the most popular sectors of the cryptocurrency market from the beginning of the year to March, but like nature itself crypto sector, NFTs declined significantly in April as the hype died down and high fees on the Ethereum (ETH) network made it difficult for buyers and sellers to interact with the protocols.
The problem of high fees eventually led to some projects such as Axie Infinity (AXS) and Smooth Love Potion (SLP) have been migrated to other networks or adopted Layer 2 solutions as a way to reduce costs. This move, along with the sharp drop in ETH gas prices over the past two weeks, could be one of the reasons behind the strong growth in AXS and SLP over the past week.
AXS / USDT 4-hour chart. Source: TradingView
TradingView data shows that the AXS price rose 83% from the $ 6 low on April 25 to the $ 11 high on April 29, while the SLP price soared more than 1,000 % from a low of $ 0.035 on April 25 to a new all-time high of $ 0.396 on May 2.
4-hour SLP / USDT chart. Source: CoinGecko
Several reasons for the recent price hikes for AXS and SLP include the move to the Ronin sidechain for Ethereum, the growing community popularity and sponsorship from well-known cryptography. influential person who helped attract new members to the community.
