The travails of GLX token have been well documented since inception. After an early pump, the token has continued to fade into oblivion and today, it is trading at a fraction of a cent.
This is a rather unfortunate plummet for an asset that is part of what many expect to be a huge game. Sadly, the early enthusiasm has dissipated into some level of apathy, which is currently reflected in the price of GLX token.
There's no denying it, these are dark days but I know the Sun will shine again. This project was always meant to be around for the long term, so as an investor, patience will be required.
I have been buying the token regularly since the glory days and in that time, I have seen the value of my portfolio diminish by over 70%. In isolation, it is a horrible situation but even the wider crypto market is not doing any better, so one can take some consolation in that.
No Pivot
I was looking at the numbers and wondering if there's a 500 IQ play that I could perform with GLX. How can I "maximise" the crash in value of GLX token?
The only thing to do is buy the dip and I think that's what I'll end up doing in patches. I will have to time the bottom and strike when all or most of the dumping has ended.
Looking at the price trend, it doesn't look like we've actually reached the bottom yet. If I were a punter, I think the token could drop to as low as 50% of 1 cent before "climbing" back up to 1 cent.
So, in essence, that will be my target and at that point, I'll be buying 1K GLX token for $5. Prior to that, the average 1K GLX price in my portfolio is around $18, so, yes, I am in pain.
For what it's worth, I think GLX still has a bright future but I doubt it will move anywhere, anytime soon. The exploit left a nasty taste in the mouth of investors and with GLX constantly dumping, it is easy to see why enthusiasm is so low.
The launch of the game will alleviate the pain but I doubt it will be a significant pump. Barring an actual bull run in the crypto market, I don't see how GLX token will even reach 5 cents.
Interestingly, in the midst of all this negativity about the price, GLX still has an inflation schedule embedded in the code. This will naturally increase the supply of the token along the way and with no sink to absorb all this supply, it will be the market value of the token that suffers.