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A lot of people invested in splinterlands when it was at it's peak, not because they love the game but because of the fear of missing out..
It's really not stats or data, it's more sentiments and human instincts.
A lot of people powered up back in 2021 thinking the prices would go even higher, so they can have more impact on earning, curations and all
It does not seem that a lot of people powered up in 2021. Or mabye they did, but with little HP only. @dalz published this graph earlier today: