The GLX dip gets deeper
The last time I talked about GLX token, the price was around 2 cents but it was showing signs of further slumping. In my publication, I estimated that we'll most likely see even more slump in the price and that's exactly what has happened.
At the time of writing, each token trades around 1.7 cents and I still expect the token to continue to slump. The state of the general market, combined with local issues affecting the token means that it is unlikely we'll see a pump anytime soon.
One of the local issues adversely affecting the price of GLX tokens is all the validator nodes. The rapid rise in inflation due to the mining activities of these nodes means that there's a lot more GLX tokens in circulation.
Despite still being in the early stages of GLX existence, we're still seeing this very low price because there's just not that much money in the system. So, whatever little that is even available is getting sucked out by all the GLX tokens being minted.
On top of the fact that Validator nodes are already pumping in a lot of GLX tokens into the atmosphere, there's also the fact that investors will be looking to take profit. This ensures that the GLX dip gets even dipper and the price will continue to slump.
I believe that this slump will persist until the token price drops to the 1.2-1.5 cents range and then it'll hover there for while. There's very little chance of a pump happening anytime soon, so you can just clear that of your calendar if you were dreaming.
There's also still over 220 days of GLX staking reward to farm and that is also contributing to the high inflation rate. Perhaps when staking rewards ends, there could be some positive movement in the price of GLX.
Then again, if we actually enter one of those crazy bull markets, it is possible that GLX token will rise to the occasion. However, considering where the general market is at the moment, there's very little chance of that happening.
Buying the dip
At the time of writing, I'm up to 48.5K GLX token staked and already making plans to celebrate 50K in the coming days. As I mentioned earlier, there's still over 220 days of GLX staking rewards to earn and intend to make the most out of it.
At this low prices, all I see is and opportunity to stack and stake as much GLX as I can. The staking APR is still above 100%, making it a really awesome time to farm the tokens and prepare for what could be a life changing opportunity.
Reaching 100K tokens staked would be a very awesome achievement but to reach that, I'll have to stake pretty much every single token I farm and also have to regularly buy tokens from the market.
At my current farming rate, I earn around 190 GLX per day but the APR is constantly dropping and to maintain this rate, I have to continuously stake what I earn while buying a small amount from the market.
Based on the number of days available for staking GLX and the current APR, I'll have farmed around 43K GLX on top of my 48.5k. That will only be possible if I continue buying and staking everything that comes into my wallet.
I'd like to reach and surpass 100K GLX tokens before the end of the staking reward period and to achieve that, I'll have to buy the dip. So as the dip gets dipper, my chances of reaching my target increases.