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It had peaked a long time ago, 2008 the game was dying quick after removal of free trade and wildy.
Restricted trade ended on the 14th January 2011. Before that there was a large discrepancy between the Grand Exchange price and street price for rares. As you could only offer +-5% no one would sell a Partyhat for hundreds of mills less than the street value. This huge discrepancy meant rares weren't traded on Grand Exchange which meant that the Grand Exchange price doesn't update (or updates very slowly). The massive peaks at the start of 2011 were ppl putting their Partyhats on the Grand Exchange for their actual price and Grand Exchange updating correctly. From 2007 - 2010 most Partyhats were in the 300m-1b range, they were not under 100m rs gold.
The Grand Exchange came out 27th november 2007 and restricted trade came out 2nd January 2008. The Grand Exchange had almost no time with unrestricted trade. The Grand Exchange market watch prices for 2007-2010 are wildly inaccurate.
Basically you would sell a Partyhat along with an item that was crashing in price. Say yew log were 400 each on Grand Exchange but the price crashed and they were worth 300 each, the Grand Exchange price took quite a while to catch up. So you would sell yew logs and a Partyhat such that the price under Grand Exchange value of the yew logs matched the price over Grand Exchange value of the Partyhat. It was also rather hard to buy a Partyhat straight out, you would start with a lower end rare and trade your way up, buying crashing merch items all the time.
In 2008 people were saying 2006 and 2007 were the peak, and I agree with those people. You have to remember 2008 was after free trade and the wildy were just removed. People really thought the game was going to die and a lot of people really did quit. So yeah, I think Runescape will be here in 8 more years. As long as there is money to be made, Jagex will continue.
Not only is the Oldschool population heavily influenced by bots, but both playerbases of both games have been extremely constant over the last few months. So while I am very curious as to what the future will hold, I don't think a refocus in games is going to happen any time soon unless something drastic happens.