The way I see it, there is just no scenario where Splinterlands would ever succeed without SPS going up. There is a core userbase who will buy new packs, promo cards, unlock soulbound cards and at the current price and market cap of SPS, it should be just a matter of time before more gets burned. Everyone buying other assets (maybe aside cards that are below the DEC Peg burn value) are feeding into SPS. The value that cards lose almost directly gets pushed into SPS.

Every player also needs SPS staked to earn. The reason it has gone this low (way lower that I ever expected) is because the inflation was too high and the demand simply wasn't there while bots continued to dump. The good thing about the price this low is that more SPS is needed to create DEC.

We'll see how it goes going forward, I would be surprised if the current pump lasts. Longer term however, I still see SPS as by far the best risk-reward asset in Splinterlands right now.