I am still building my position in GLX.

I am still building my position in GLX.

It is almost close to a year now since the game was announced in the Hive blockchain and I think the current state of the game is closed Beta. There are little delays in the game launch and the game governance token GLX is kept going on a downward spiral. It looks like GLX token is gradually slipping little by little each week, In the current market scenario it looks like there is more supply of tokens than demand and there is huge sell pressure that keeps pushing down the "Buy orders" in the market.

Genesis League Goal

I guess, it is general human psychology that our interest and attraction are towards the things that are getting hype (even if they do not have fundamentals instead of something underperforming and has strong fundamentals). I guess that is one of the reasons that even many people in Hive are also not aware of this game. I think that maybe in the future it will get more publicity and this publicity itself can cause a more interested player base to join this game and this might give a boost to tokenomics.

My Stake.

I want to get an endstate of 200K GLX stake in my account (maybe one GLS Node also but not a primary goal as of now.) and I am able to stake 97700+ GLX stake.

I am still short of more than 100K+ GLX of my goal and almost completed my 50% goal. For the rest of my goal, I have to purchase some 90K GLX (as I expect that after the end of airdrop and staking APR, I will definitely be at 110K GLX). I am actually buying GLX every week and already set some Hive aside to put my buy order if it drops below a certain value in Hive but at the same time, I am adding a couple of thousand GLX every week to increase my stake.

Current issues.

I think the current low price of GLX is due to the ongoing "GLX" airdrop for the SPS stake and the very high APR of staking GLX. Both of these are generating a lot of liquid GLX rewards that can easily dumped in the market. Another issue I see is that the game is not yet available for play to the general public. So in the current case utility of having staked GLX is too low.
So both factors combined can explain the low price of the token.

Turnaround is possible.

I am positive about the growth of the token in the long term and in the short term, I think we have to wait for airdrop and staking rewards to stop, which is going to happen in the next 55 days. I am also positive that the team will be able to launch before the end of this year. Both of these factors can boost the token price.

Since Holiday and festive will be also due, I expect the team to announce some nice promotions. Promotion can definitely regenerate interest and boost token prices.

I am optimistic about GLX and going to build my desired GLX stake gradually, every week, using the Dollar cost averaging methodology till I reach my stake goal which will be helpful in giving GLGT as rewards that will become one of my passive sources of income.

So what are your views on GLX or you are building your stake in any other coin/token that you think will make a comeback and have good future value?

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