Thoughts about buying, selling and hodling GLX

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GLX dropped below 1 cents and it is safe to say that things aren't going according to plan. It now costs around $9.7 to buy 1K GLX tokens and I think this is a great time to add to my collection.

So, with as little as $450-$500 range, I could add another 50K tokens to my collection and in turn, increase my earnings from staking. The question is, do I even have the means to do it?

At the time of writing, I still have very close to 100K GLX tokens staked and earning me more GLX tokens. The plan for the next couple of weeks was to leave the 100K tokens staked and use the reward to handle personal expenses.

I planned to convert my earnings for the entire month into Hive and use it to partly fund some of the payment for our applications. I "optimistiaccaly" made my calculations under the assumption that GLX will not drop below 1 cent and that the APR would be around 80% by the end of the month.

My APR projection still seems realistic but my price prediction was off the mark. Now, it is important to note that this is just today's price and things could change in the near future.

Sadly, I don't think there's any chance of a substantial rise in the value of GLX token because all the signs point at the opposite. As @muratkbesiroglu has alluded to on numerous occasions, the only hope for GLX token is extra utility and with the launch of Genesis League Goals still some distant in the future, I really can't see that coming through in the short term.

What this means in essence is that GLX token is doomed to continue slumping because it is an asset with very little use-case and intrinsic value. This is probably why there has been a lot of dumping in recent times and why the dumping will persist for a while.

To sell now or later

I'm trying to accumulate some liquid assets to hold towards our payments that come at the end of the month. In 24 days to be precise, I'd be needing a decent amount of cash to make payments and this is where all the GLX I've earned from staking will come in handy.

As the days go by, GLX continues to dump and while I have very little concern about the staked tokens since it is long term, the earned reward that I'll be holding liquid continue to lose value.

Patience is a virtue but I have been burned on numerous occasions because I held on for too long. I'm caught between the decision to just convert whatever I earn from staking or just wait until the final moments and then sell.

On a different note, I'm also contemplating to buy some GLX with some of the HBD I'm holding but to do that, I need to time the bottom and buy at that point. Right now, it doesn't feel like we have hit the bottom and I fear that the dump could get much worse before things get better.



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10 comments
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Worst investment ive ever made in my 5 years in Crypto. 😂

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All I need is a minor pump to pay for some things and the fucker keeps dumping. 🥲

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Who knows how low it can go. I bought at 3 cents, then the exploit happened.

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„What this means in essence is that GLX token is doomed to continue slumping because it is an asset with very little use-case and intrinsic value. This is probably why there has been a lot of dumping in recent times and why the dumping will persist for a while.“

That sums it up pretty well. 🎯
If you holding GLX because you believe in the Splinterlands Team, building this project also into a gaming success you can hold on. I wouldn’t buy anything currently since the risk is very high, even within crypto space. Personally I only stake the few GLX I am getting via Airdrop as a speculation but concentrate investing into other things with lower risk.

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