Mysterious whale wallet now holds 50% of the Smooth Love Potion supply

A mysterious whale wallet address has accumulated billions of Smooth Love Potion (SLP) tokens. SLP is the in-game cryptocurrency that powers one of the largest blockchain gaming networks, Axie Infinity.

Mysterious whale accumulates 50% of SLP supply

The mysterious whale wallet now holds more than 22 billion SLP tokens, over 50% of the total SLP circulating supply. No one knows the details of the wallet in question and to whom it belongs.

The activities of this whale address were noticed by a player on Axie Infinity, Michael Benko, on August 25. Benko said that he became concerned about this wallet because of the amount of SLP tokens it had accumulated within a short time, which could affect the game’s ecosystem.

According to Benko, if this wallet is an individual, they could have control over the Axie Infinity economy. There have been many theories speculating about the identity of this wallet.

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Benko had initially speculated that the wallet belonged to Axie Infinity. However, the co-founder and COO of Sky Mavis, Aleksander Larson, has said that Sky Mavis or Axie Infinity does not own the wallet.

The co-founder of Yield Guild Games, Gabby Dizon, has also denied that the company owns the wallet, adding that the wallet could belong to an exchange to boost liquidity. Dizon said that the company used all of its minted SLP to breed. He also added that the wallet details do not show proof that it belongs to Binance.

Axie Infinity rewards users with SLP tokens

The Axie Infinity P2E game was launched in 2021. The game allows players to buy non-fungible tokens (NFTs) depicting cartoon characters they can breed and use to fight against other players.

After a player completes daily quests, they earn rewards in SLP tokens. SLP can also be used to breed axies and create in-game runes and charms that can be sold on other cryptocurrency exchanges.

Benko said that according to the latest season update, the average Axie Infinity player generated between 10 and 70 SLP tokens daily, depending on their experience in the game. Therefore, an individual wallet with 22 billion SLP tokens could control the token’s price. SLP has been on a sharp downtrend, losing 99% of its value since reaching an all-time high in July last year.

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