Whatever goes up shall eventually come down || GLX....

3 mo
4 Min Read
765 words

A much used phrase in the crypto world! Whatever goes up, eventually it shall come down. So it happened once again for the token of Genesis league football. GLX has been showing some magnificent uptrend whilst it got launched. In a shocking turn of event the price of GLX spiked to a over 1 hive at a point. Which was an exciting memory to behold. And many people took the opportunity to make some nice bucks out of this price. Even today the price of GLX is standing at $0.0832845.

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What happened?

Well, nothing out of the ordinary happened! People saw the APR was juicy enough and started to stake them in the GLX web page. Thus the amount of staked SPS increased and APR started to fall. The current APR as of writing this post is 1,001% It is decreasing rapidly as compared to the first day of staking! Since the reward is decreasing people are slowly moving away from staking. Which is leading them to dump GLX for other tokens. One of the reason for which the price is being affected.

On another news people are getting free GLX for staked SPS. As far as I have seen people with huge staked SPS they are dumping their token (GLX) instantly when they are receiving them as everyday airdrop. All I can say from my POV some are probably thinking this token will have the same future like SPS. Moving the price to all time lows. Which is why dumping the tokens at a good price does seems pretty valid for them.

Psychological effect

Since the game (Genesis League Football) is still in early stage and people are seeing what is happening with the team it sure will a long way since the game sees something productive. Which is why some are even saying it will take a huge time and effort to even bring the game into fruition. Since there are lots of upcoming projects which needs to be delivered to the community. That is also a very big matter as of the moment.

  • Land update
  • Validator Node going live
  • Find more use case for SPS
  • DEC needs to get to pegged value
  • Rebellion incoming

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Well these are just the few updates which needs to be coming in the coming months. And seems like all of them are pretty important to be left out. Which is why as of the moment it does seems like GLX token or the game would be put out into hold for some time and will be worked upon as soon as other things are cared of.

What is going to happen to GLX?

I honestly do not know. But as from the past experience Splinterlands has been quite successful in introducing new concept to the game and it has been loved by the community. Which is why I also believe that Genesis league game would be loved by the community. While there is so much at hand of the team of Splinterlands I would really not get much into GLX as of now. But in future I would probably scoop some GLX token when the price settles down a bit. Till than I am just going to sell and compound from my staked SPS reward for the time being.

If this downtrend seems to go on I am planning to hold at least 100k GLX token and I would just keep them for future. Who knows if this game gets to see a bright future we might get some huge gain due to that. So who knows! Do not want to miss that chance to even a slightest.

Slight change of strategy!

So I am currently unstaking the GLX that I have staked! Since the reward is not very much enticing so I am going for the other route which could be little bit more profitable in the long term. Which is I would probably sell the GLX token and buy some SPS with them. And stake them just to get some more GLX for the time being.

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That seems like a good strategy. I will try to build up a decent GLX stake and not sell at the moment.