What if I told you that there is an altcoin that is up 35% in the last month, has a solid team behind it and is one of the oldest play to earn games with a loyal player base and if it does a 150x from here it will not even reach its all time high?
Take a look at the five day chart above, that is a very bullish chart! In the last five days SPS is absolutely on a tear! But let's look at more than the last five days, let's take a look at how SPS performed against BTC since the last BTC dip:
As you can see SPS is up 43.31% and BTC is up only 5.2% since August 5th!
But what is the potential here? Right now SPS is at 0.74 Cents! That is less than a penny! The all time high for SPS is $1.07 which was three years ago. SPS is a main token on the Splinterlands play to earn game which has been around for over five years and has a dedicated development team that delivers updates to the game every single week. So this coin can 100x and it will be worth $0.74 per token. But what is the market cap? Is it realistic to 100x from the market cap stand point?
The current market cap is $3.6 million dollars. At 100x the market cap would be $360 million. IMX is $2,088 million and Axie Infinity is at $738 million and GALA is at $700 million, Sanxbox is at $645 million so 100x and even 200x does not seem to be out of the question.
What is the tokenomics like? There is a maximum supply of 3 Billion tokens with 1.328 Billion tokens already out, from those most of the tokens are not liquid and most of the illiquid tokens were staked for 4 weeks by the players in the game. 858,589 tokens are staked for four weeks and about 124 million tokens were burnt, with about 4% of the tokens locked up in Splinterlands DAO:
Here is what the token distribution looks like
The current APR for the staked SPS tokens is 12%, this doesn't seem very high, but that is because staking APR isn't a primary reason why Splinterlands players stake their tokens. The main reason is to earn SPS. Without staking significant amount of SPS it is not possible to earn much SPS tokens.
But there is more! Another token used in game for purchasing cards and other assets is DEC. Here is what happened to DEC supply in the last 120 days:
As you can see there was a drastic drop in DEC supply from 5.694 billion to 5.619 billion. That is almost 70 million DEC or $70,000 USD worth of DEC being burned. What caused this burn? Very simple Splinterlands players spent $70,000 to unlock their reward cards! That is simply to make these reward cards sellable on the market or send to another player so that that player can max out their card or to use these cards on land. That is real in-game economy! Continued reduction in DEC supply and growth of the SPS token can trigger a flywheel mechanism where Splinterlands players or investors can start burning SPS for DEC. The more SPS is burned the higher SPS price will go and this could lead to a crazy pump that could make market cap calculations irrelevant and result in SPS doing a 300x from here.
And if you thought this is all there is you would be wrong there many exciting things coming up for Splinterlands one of those is a DHF Agreement proposal that looks to be sure to pass the DAO vote:
This proposal will basically inject $500,000 USD into the Splinterlands ecosystem from the Decentralized Hive Fund!
Right now Splinterlands is flying completely under the radar, but they plan to finish the new player experience improvements and do a major marketing push to acquire new players, when that happens all the Splinterlands assets are likely to skyrocket. The easiest play in my opinion is the SPS token.
So what am I doing about it? I continue to earn SPS tokens through playing and adding it to my stack. Right now my stack is worth only $2,556 for 352,230 SPS tokens but if it reaches all time high it will be over $352k USD. I am willing to take a long term bet on this fun game!
Disclaimer: None of this is a financial advice. I am just sharing what I am doing and how I am playing the current crypto market. If you wonder what is the best way to get involved you can use my link to begin your Splinterlands journey.
You are right
If SPS goes up and reaches 1 SPS to $1USD, it will be so nice.
In mean time the value can go higher than $1USD per SPS token but if nobody is willing to buy at that price the problem remains.
What can we do?
Thank you for this report
#freecompliments
Regards
I think if it goes over $1 there will be a lot of sellers, it may temporarily spike higher than a $1 but that would mean a real crypto hype. As it starts approaching $1 I would start taking some profits and at $2 I would take most as profit and hide out in something like HBD collecting 15% until there is a correction. But here under a cent we are a moon mission away from that :) I think here all we can do is to collect more SPS and Hive and hope that our time will come.
Thank you
My main fear is that the 'new player experience' and the Marketing won't do anything at all and be a major deception putting the team with their feet on the ground hopefully making them understand that the entire setup for the game is broken now. There is just no selling point whatsoever right now for new player, I also would not recommend it to anyone I know to start playing and don't think there are many that would now.
You can't expect new players to buy a ton of card assets in the game which are expected to go down a lot in value, be up against old players who have a big advantage owning all the soulbound cards, not even to talk about the Gladius cards that aren't even for sale. Force them to also buy or rent SPS to get some earnings, very quickly get them against a wall where they get pay2winned, forcing them to play at least 1Hour+ every day if they don't want to lose out of possible earnings, ...
Splinterlands has really sucked for new players and I don't see anything changing with the new player experience. They fundamentally need to make some major changes to really fix all the issues.
You definitely have a point there with "new player experience" I have my own doubts on that... I think the best kind of marketing is high rewards for the players which can be achieved by injecting $$$$ into the game and if SPS price rises which would make rewards higher...
VONAK.... SPS = $1
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