Thoughts about GLX unstaking and SPS staking
Last week, I decided to unstake all my GLX tokens but at the time of writing, I still haven't decided what I intend to do with the tokens. At the current market value, my entire bag of GLX tokens is worth roughly $145 and that's actually not a lot of money.
However, in the past couple of weeks since the inception of the token, I've earned upwards of $200 from just staking rewards despite just spending $48 to buy my entire staked collection when GLX was dirt cheap. The whole GLX situation is strange because the current value of my current staked tokens is far cheaper than what I've earned from staking the said token.
On the surface, at least, unstaking GLX token at the current price doesn't seem like a good idea but the way I see it, the token is going to tumble further in the coming weeks. Selling at this price and reentering, later on, seems like the best move.
At the time of writing, SPS token trades at around 4 cents and many believe GLX token is going to be at that level in the coming weeks. Based on the trajectory that the token has taken in recent weeks, it is clear to see why traders are making these predictions.
At the time of writing, only a small crowd invests in GLX token, so the APR from staking is considerably higher than what you'd find anywhere on Hive. To put it into perspective, only $145 worth of staked token earns me a lot more than staking over $700 worth of SPS token at the current market price of both tokens.
So, at the end of the day, staking GLX seems to offer more value for investors than actually pulling it out to take profit.
Buying SPS is tempting
I'm still unstaking GLX tokens and while I'll be staking it all back for as long as the APR stays high but at some point, I'll have to sell it all to reinvest in something else temporarily, at least. For now, at least, SPS seems like the best option.
I believe GLX token is walking a fine line and is not far from another leg towards a considerable dip. So, I have to always think of ways to derive maximum value from my investment.
Despite offering a lot less APR for staking, I believe that SPS token has a very high chance of pumping in the future bull market. So, while staking reward might be underwhelming, the flipping potential of SPS token is much higher these days.
Also, keep in mind that staking SPS tokens also earns you small amount of GLX tokens daily. At the time of writing, you roughly 10 GLX tokens daily from staking 16k SPS tokens. That's like 80 cents in today's value of GLX token and while not exciting, it is still comparable to the voucher and SPS token you recieve from staking SPS in SPlinterlands.
This week, I decided to keep my GLX tokens staked but depending on where the market goes next week, I will probably be selling to buy SPS tokens. The situation is time dependent and from all indication, selling at the current price offers me an opportunity to flip better profit and also enables me to hold Hive that I can use to re-enter GLX when it is much cheaper.
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I've been struggling with the same thoughts. Thought about exiting GLX but the APR is just too damn high atm. Also, had some extra HIVE and first was gonna spend that on GLX, then SPS, and eventually jumped 50/50 on both.
Great post, gave me more to think about! 😅
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Yup. 50:50 might be the best way to go about it.
On one hand, GLX has such a high APR and staking makes more sense. However, in the long run, SPS makes more sense for flipping.
Do you have plans to flip SPS or just staking and hoping for higher APR from staking rewards if the price pumps in the future?
That's one aspect I've also thought about, my SPS stake is pretty low so I'd thought about flipping it to eventually increase my stack, besides the APR is so low. Maybe I need to get rid of this mindset that I need it staked to get GLX.
By making some moves with SPS I might end up with much more SPS and maybe more GLX if I'd stake again with a larger amount.
What would it take for the SPS and GLX prices to improve? For now people are likely to be selling what they earn. I keep staking the SPS each day and put vouchers in a pool. With GLX I am selling some and staking the rest. As it's not a huge amount of money I'm prepared to see what happens. Same with LARYNX. Most of my HPUD power up was from tokens I earned over the month. I think HP is generally a good bet.
I just don't worry too much about my daily income. I'll play the long game.
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Yeah you just gave me something to think about. I might just start staking more Hive soon
I'm keeping my GLX stake no matter what. Every time I trade to accumulate then something happens the other coin. I don't see SPS increasing for a long long time . If anything that's gonna drop.
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I am staking 20% GLX and selling the rest that SPS generates. It's a snowball and you got to stay in front of it.
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