I think the price of the SPS correctly reflects the value of Splinterlands. In my opinion, the SPS will tend asymptotically to zero because in the game there is an intrinsic mechanism of value destruction in its main asset, which is the cards. If the main assets of Splinterlands lose value and usefulness (cards, lands, spellbook) then the secondary assets (dec, sps, vouchers, packs) and tertiary assets (soulbound cards, glints, merit, etc) will never be worth anything.

Like any serious company, Splinterlands is not subject to the fluctuations of the cryptocurrency market but to the ability to correct the fundamental errors that underlie the game mechanics.