The price of SPS is heading down the route I predicted and it doesn't make for good reading. The price continues to consistently drop, as the days go by, and heading towards the 5 cents range I expected all along.
Other than the sell pressure that I reckon is coming from miners that are dumping, I suspect the general crypto market is also contributing to the malaise.
In the past couple of days, hive has lost the strong support it had around 60 cents and dropped to a new support of 55 cents. In the period, the price of Hive has actually touched the 60 cents range but that value has now become its new ceiling.
The crypto market's unpredictable nature has to make you wonder how long we will continue to wander in the wilderness. Bitcoin, Ethereum and other assets seem to be firmly rooted at their current price range and there aren't many bullish ledges to hold on to.
Naturally, this is a time to accumulate and it is no different for SPS, Leo and other assets that I'm supremely bullish about. I have a good feeling about a number of these assets and I believe when the crypto market comes around, we will see some positive moves.
What about NFTs?
In recent times, NFTs haven't been as relevant as they used to be. Even the number of projects springing up with alien giraffe pfp jpegs has drastically reduced because, in these trying times, only "serious shit" will survive.
Even my Splinterlands assets that I've been slowly accumulating have been feeling the heat as well. I recall that around this time last year, having a collection power of over 85K would have had a market value upwards of $5k. Today, my personal deck that is home to around 83K CP of monsters is only worth a bit over $800.
When you think about it though, it is not out of the question for a bear market to have such a dramatic effect on the market value of the NFTs in the game. I mean, let's face it, in times of low trading volumes, poverty and numerous rugs around us, the "entertainment" will most likely be the first to be kicked out.
SPlinterlands is a bit more than entertainment based on the elaborate Gamefi environment it is evolving into. However, at the core of it, it is still a game and we have to accept that the assets will suffer in a bear market.
Just like SPS though, this is the best time to stack NFTs towards what we all expect to be a prosperous future for Splinterlands. The game is set for even more expansion that will attract even more smart money into a very competitive ecosystem and that is something for investors to smile about.
Growing my deck
I've had a bunch of packs in my possession for a while now and I've been opening them to grow my collection. It is going to take a while because I'm not going to be buying potions.
Since the change in the reward system, I have been getting quite a lot of potions in my daily focus chests, so I just use them to open some Chaos Legion packs.
I originally wanted to hold on to the packs until they become scarce but it looks like that will take a very long time. It is the reason why I decided to start buying SPS instead of packs.
So, to grow my deck, I'll slowly open the packs with the potions that I accumulate from daily focus chests. All things being equal, I will buy more packs when these ones are all opened. However, the new set of packs I buy will be at a discounted rate from the secondary market.
At the same time, if I see opportunities to buy specific monsters, particularly summoners, that will improve my deck, I will take that opportunity.
In bearish times, all you can do is keep calm, hodl and also look out for opportunities to buy the dip. If you look around you, there are numerous dips that you could potentially invest in. Do your own research and pull the trigger if you think it is worth it. That's all there is to it.
