Many people gave up (or paused) playing Splinterlands not because of the dropped/dropping price of the Splintershards (SPS), but because of the disappointing in-game changes.
For example because of the mandatory Wild Pass purchase for every season to play the Wild game mode, which was free-to-play in the past.
Splinterlands became rather a pay-to-play, pay-to-win, milk the players kind of game.
Honestly, it is so disappointing.
Splinterlands was very good in the past. It was one of my favourite video games in/around 2019.
It changed a lot since then, and for the worse in the previous years.
It depends on why/how people play Splinterlands. I rarely play wild battles so the wild pass requirement doesn't bother me.
I'd say splinterlands to more pay to earn, not pay to play.
Splinterlands nowadays is both pay-to-play and pay-to-earn too.
Pay-to-play with the Wild game mode (which was free-to-play in the past for years), and pay-to-earn with both game modes (Wild and Modern).
The rewards with the base card set are reduced, so the game is practically forcing (or at least trying to force) the players to invest money in Splinterlands (buy Splinterlands cards).