The peg doesn't mean much imo because it already went so much above peg. And looking at market history, it had no problems trading vastly below the peg either. Right now about 7 million DEC added daily (due to trading 7x above peg.)
Now, how do we value DEC? SPS airdrop is one component, but with so much more SPS printed daily and limited utility, it might as well be a token that you dump to collect profits. I don't see a case for SPS rising in the near term even though there's use cases on the horizon.
I think we're in a negative feedback loop at the moment with both SPS/DEC floating and nothing really grounding their values. The lower something goes, the more reason people have to sell.
As for upcoming catalysts: CL pack release will push card prices lower (in turn DEC.)
Modern league - 2x printing rate (but I think this might halt the decline somewhat.) Thinking of it in terms of botting profits. If profits go up, botters have reason to expand operations thus causing DEC to go up in the short term anyway.
But since DEC has no problems trading way below peg historically, maybe that's not really a factor.
If we're in a positive feedback loop, it stays that way until someone really decides to take profits.
Stuff in crypto can go up and down in an alarming fashion when people FOMO or rush for the exits.