The prices of SLP and AXS surged by 80 percent after the project successfully migrated to the Ronin sidechain. This all happened inside the network of Ethereum. From this year’s beginning, until March, nonfungible tokens appeared to be the hottest and smartest sector inside the market of cryptocurrencies. But due to the volatile and unpredictable nature of the market of cryptocurrencies, NFTs were no longer in the trend in the month of April.
Reasons Behind The Steep Price Rise Of AXS
The reasons were that the hype didn’t manage to be long-lasting and the high fees of the network of Ethereum hampered all the abilities of sellers and buyers interacting with the market’s protocols. For embracing the solutions of layer 2 and cutting costs due to the challenges inflicted by higher fees, some projects such as the SLP and AXS migrated to the Ronin sidechain. The drastic reduction or decrease in the gas fees of ETH coupled with the recent moves could possibly be the biggest reason behind the strong steep increase in the price of SLP and AXS in the last week.
TradingView data has revealed that AXS price rallied around 83% from the abysmal low of only $6 (25th April) to $11, which is a considerable high on 29th April. The prices of SLP on the other hand rose over 1,000% from an abysmal low of around $0.035 on 25th April to $0.396 which is a record high on 2nd May. The several reasons behind the huge increase in price growth of SLP and AXS are sponsorships from a crypto influencer which helped them to draw new members and participants into the community, migration to Ronin sidechain, and an increase in community adoption.