My Strategy for $GLX - Sell Or Stake? & Plans Ahead...
As we already know about GLX token which is associated to GENESIS LEAGUE SPORTS a blockchain-based, play2earn gaming platform and the ecosystem is specifically designed for sports games and NFTs. Currently there is an Airdrop for the GLX token ongoing, which will go on for a Year. Folks who have staked their Splintershards ($SPS) which is the governance coin of the game Splinterlands are eligible for $GLX Airdrop. I have a good chunk of $SPS staked and am getting close to 115+ GLX Airdropped daily.
$SPS staked at the moment is 180K+ and slowly moving towards the set GOAL of 200K+ $SPS by the end of this year, 2022. With all the rewards that I am getting for HOLDing the Splinterlands assets like:: Tract, License Node, Riftwatcher packs and along with $SPS LP rewards - I am confident that I should be able to meet my GOAL for staked $SPS. Shifting gears to $GLX where I was selling it to swap for $SPS. Now that the price of $GLX has taken a beating. I thought it would be wise to start staking $GLX and earn the staking rewards in the form of $GLX and $GLCT.
Its a bit sad to see the price of $GLX tanking. There was a time where it was trading almost to a dollar and many folks took advantage of the price to swap/sell it for their favorite coins. But on the other hand we had people buying $GLX and enhancing their stake in $GLX and ultimately earning good amount of the staked rewards.
Today $GLX token is down another 13+% and currently is trading for $0.08+ cents. I suspect that we could see a further downfall in the price of $GLX as I can see a huge wall towards selling of the token. The above graphs showcases the volume $GLX & $SWAP.HIVE it has been consistent for $SWAP.HIVE but now we are seeing an uptick in volume for $GLX i.e. more $GLX are being traded. I had this plan for $GLX earlier - Sold GLX for HIVE & Plans to Buy $SPS... this got me a huge chunk of $SPS and those all tokens were staked. But now considering the current price of $GLX I don't feel comfortable selling at such a low price and hence a strategy change from selling $GLX to staking $GLX. The intent now is to get to a point of having 5K+ $GLX staked now. Which would mean that all my daily Airdrop of $GLX would be staked and if the price of $GLX falls even further then I would be looking for an opportunity of buying $GLX in bulk.
Without a doubt GLX has get some good grounds set in its whitepaper and HOLDs a good Tokenomics value as well. Right now we see the 5% of Airdrop tokens being distributed along with the 5% of the staking rewards. Just imagine when the LP rewards kick In we could see a sudden spike in the price of the $GLX token. Therefore my plan ahead with $GLX is to HOLD for now and continue staking and take advantage of the price if it further tanks. No more selling of $GLX at its low level, wait for the right opportunity until then keep accumulating... :-)
Strategy for $GLX changed from Selling to Stake
Image Credits:: splinterlands, hive-engine, genesisleaguesports,
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