I wrote a post last month about how the price of PLEX in EVE Online had be climbing since the price increases that CCP implemented back in May of this year. Actually, they began their climb the moment CCP announced the increase in subscription and PLEX prices, which is what markets do; they react to news.
Then CCP, in what can only be described as an economic “hold my beer” moment in relation to PLEX pricing, held a sale the following weekend where 30 days of Omega time was cut from 500 to 300 PLEX in game.
For some reason they only announced this sale on Twitter initially. People bitched out that, but the word got out quickly all the same.
That sent PLEX prices soaring once more, boosting the volume of PLEX being traded beyond the April 22nd peak of earlier this year.
I have heard, at least anecdotally, that some people who had been sitting on PLEX as an investment took the opportunity presented by this fresh spike in PLEX prices to sell and take their profits in ISK. It was a good time to do so as there were points during the sale when somebody could have comfortably sold PLEX for well over 6 million ISK each, a big jump from the 4.2 million ISK price point that had previously represented the “PLEX is too damn expensive” price point plateau we had been in.
Somebody more diligent than myself totaled all of this up and posted the results over in r/eve.
That chart covers the regions where major trading occurred, with The Forge, where Jita and Perimeter, leading the charge. That survey of seven regions had nearly 44 trillion ISK in PLEX traded during the sale, with 41 trillion being in The Forge.
That is a lot of PLEX, and it bring into question what the PLEX market is going to look like going forward.
The sale and people digging into their PLEX reserves to meet the demand at higher prices has passed. The market is momentarily sated and the price of PLEX, while still higher than some would like, has dropped down from its peaks and is beginning to settle into something of a new normal for the moment.
For the moment.
Eventually the people who bought the PLEX to keep their accounts going will find that time running out and will want to PLEX again. Demand will return and the supply of PLEX, the limited nature of which is what has driven the price up so far, will not have improved. It will be worse. I suspect that there is less PLEX floating around, but there will likely be as much ISK as ever chasing that supply, which may drive the price higher over time.
That is, unless CCP steps in to try and “fix” the economy again in its usual hamfisted way. They already put up a sale on PLEX over the weekend, offering select packages at 15% off of their usual price.
However, they chose only a couple of the more expensive packages, 1,500 and 3,000 PLEX, for the discount. Maybe those are popular sizes that people buy. Maybe that will back fill any future PLEX deficit. But I suspect we are seeing the usual routine of CCP trying to fix things by making a few very small adjustments. Once that fails to fix things quickly they tend to reach for the sledgehammer.
I am now keen to see the September Monthly Economic Report and how this sale might have had an effect on measures like Velocity of ISK. I am sure CCP Estimate will have me covered if he hasn’t posted the MER already. Look for more about PLEX when I post about the MER.