GLX price surpasses Hive as SPS continues to stagnate
GLX token has been quite the revelation. The level of success in the market has been nothing short of incredible and every time I feel like the bubble is going to burst, things just manage to get better.
When I suggested $1 GLX token, it sounded like wishful thinking to me but at the rate, things are moving, it's starting to seem possible. The steady climb towards $1 valuation per token has seen the price of GLX token surpass Hive in both market cap and valuation.
By now, I believe that the events surrounding FTX and the collapse of the general crypto market should have taught everyone that market cap doesn't always tell the whole story. The same could be said about GLX token as the price continues to pump towards my $1 dream.
I like to be grateful for the little blessings and the market price of the token is nothing short of miraculous. At the time of writing, 1 GLX token is valued around 1 Hive but only a moment ago, it was above 1 Hive. In fact, there are still sell orders in the order book waiting to sell at well above 1 Hive.
As the speculators continue to pump this new asset, all I can do is sit in awe and enjoy the show. My bag keeps pumping but I'm under no illusion, I know this is not sustainable and I know it will eventually come crashing back down like SPS token did.
From all indications, the GLX token still has some pumping to do and with so much riding on it, I can understand why. It is going to be a very important asset in a game that is backed by the MLSPA, which is quite a big deal.
I can only speculate right now, but I can imagine that the level of marketing this gaming platform will have will be something special. It is going to a billion-dollar idea and I reckon that the market is reflecting this sentiment.
SPS though
What I don't understand is the way SPS token has been stuck at 4 cents. It is almost like the net flow of money is at equilibrium and everyone is just bag-holding at this bear market price.
AI suspect that al the current investors are looking at GLX as an opportunity to take some profit from their SPS woes while staking most of their SPS staking reward to optimise their GLX earnings.
For the first time in a long time, the numbers on Splinterlands portal show that there are more SPS staked than liquid SPS. The difference is marginal but it is safe to say that it is in response to the daily GLX airdrop we receive for staking.
The way I see it, this might be the best time to add SPS to your collection because, first of all, it can't dip any further and even if it does, you're still staking and earning rewards.
Secondly, you get to buy and stake a lot of SPS at a cheap price to earn GLX tokens which is probably the hottest asset on Hive right now. Despite the high APR for staking GLX tokens, many might not be ready for the risk, so why not buy and stake an asset(SPS) that has pretty much bottomed to then receive GLX token and stake?
I'm looking at the price of SPS token as an opportunity, rather than a cause for concern. I bought a little bit more with spare funds and I'll be restaking everything I earn from staking.
I'm quite confident that there will be better days ahead for SPS token but for now, all we can do is buy the dip and increase our daily GLX airdrop.
Posted Using LeoFinance Beta
