Hello Friends,
Hope the the weekend is going well for you. In India, it's the G20 summit happening in Delhi and I am trying to catch it more through the media and it's a big event for the country.
Today I was checking the price for SPS tokens in the market and it was more of the historical prices since the beginning and even on the different intervals. I saw that this token was launched in 2021 so this is two year old token economy. The initial price was very good and later the value started to drop. In my opinion, the biggest reason for the price drop is a year-long airdrop. many people in the crypto market consider the airdrop as free money so they sell off immediately when they receive it. there is nothing wrong with that because we can't force anyone to follow certain rules but yes there should be some better use case available that encourages people to hold rather than sell off.
The snapshot which I have taken here is for the last 1 year. I mean it started in October last year and since September month this year so in the last year time, the price has never been above 10 cents. It was not even 10 cents to be honest because it was hovering somewhere around 8 to 9 cents but now it is less than $0.02.
I also checked out some statistics for the SPS token where the all-time high price was more than $1 on July 28 2021 and its all-time low price was this year on June 28. What a significant increase it had shown in the past and what a bigger price drop also we can see in the price now so this two year time has shown it. We can't ignore that we are in the bear market right now. the market is not doing well because the sentiments are negative and since the game is also built on a crypto mechanism it cannot safeguard itself from the ongoing momentum in the market.
Now let's also check out the current tries which are also much closer to the all-time low does it mean we are going to see the all-time low price again for SPS? I am not too old in this market and I have a very limited understanding but based on the details which I can see based on my analysis it seems that a good opportunity is on the way. why I say this has got a bunch of regions including the token existence and the utility in game dynamics and mechanism. We know that this token is still part of the reward pool and can be used to buy various in-game assets.
Even if the price is low that does not mean the token has lost its value because we never know when a smaller change can boost the price and then it will start going up. I will agree that reaching the price range of one dollar or somewhere around that will take some time but it is not impossible. this is the token where we are getting a good APR that is also somewhere around 15% Plus we can lease to earn more. I do not have SPS power with me but I want to play the game so I have taken it on the lease and this is an earning for the person who owns it. This is just an example and so many people can get some benefits from the SPS power that they hold because it can work as a passive income source for them and I think if you're not playing then it is a good option for you.
I am part of the game so if you are not and want to be part of it, please use my link-
https://splinterlands.com?ref=shriram19
Thanks for stopping by