Xbox One price drops to $299 two weeks prior to E3 2016 E3 2016 is right around the corner, so why exactly did Microsoft drop the price of its Xbox One so close to the show? We may have an idea.

Just weeks prior to the official start of E3, Microsoft has dropped the price of its 500GB Xbox One console once again to $299.

The Xbox One received its last price cut to $349 last year close to the start of E3 as well, which soon became permanent earlier this year.

According to Microsoft’s Store, not all Xbox One bundles will be available at $299 as the 1TB versions of the console retail for different prices. For example: the Xbox One Rainbow Six Siege Bundle with 1TB drive retails for $319, while Xbox One Tom Clancy’s The Division Bundle with 1TB drive retails for $349. Meanwhile, many 500GB bundles, including the Xbox One Special Edition Gears of War Bundle and Xbox One Special Edition Quantum Break Bundle, retail for $299.

We’ve heard rumors regarding new Xbox One consoles possibly being announced at E3, and with today’s move of reducing the original Xbox One’s price to $299, this could certainly be yet another hint that we could expect something new to be announced in two weeks.