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World of Warcraft adds $90 mount to in game store
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You are correct. Token value is decided by players on the auction house, not Blizzard, though I'm sure someone will argue that they are capable of manipulating the AH and therefore they are driving it up
They are capable of it, but I don't really see why they would. Making the tokens cost more gold would mean less people willing to buy them on the AH and therefore less people selling tokens. I think the prices have just exploded because of the mount releasing. As someone else mentioned on here, I believe Blizzard just sets a minimum price for tokens.