Monday, April 8, 2019

The PLEX Market Experiences A Correction

"A correction is generally defined as a 10 percent or greater decline in the price of a security from its most recent peak. Corrections can occur in individual stocks, indexes, commodities, currencies or any asset that is traded on an exchange. An asset, index, or market may fall into a correction either briefly or for sustained periods of time, including days, weeks, months, or even longer."

I woke up this morning and ran the script I use to track RMT tokens (PLEX, MPTC, skill injectors and extractors) and saw that PLEX had traded below 4 million ISK in The Forge, with the average price traded 4,001,000.00 ISK. Sunday's average traded price was 10.9% below the all-time high of 4,489,980.00 ISK set on 29 March 2019.

The price of PLEX first traded for an average of over 4 million ISK on 19 March. I'm not sure if today will see the average fall below 4 million ISK, but the possibility exists. My only hesitation is that prices tend to rise during the week and fall on weekends, barring any unusual events like the recent end of the quarter sale.

I know I am spending a little too much time on this subject, but I think the psychological significance of players needing to spend 2 billion ISK to PLEX their accounts warrants the attention. Plus, documenting that the recent hysteria over the spike in PLEX prices is amusing. The correction doesn't mean that PLEX is not a good investment. Even with the correction, the average price of PLEX is still up 23.2% for the year. But remember the old saying, "Past performance is not a guarantee of future results."

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