At the time of writing, GLX is trading around 2 cents but for a while, it was actually below 2 cents. That's a price range that we haven't seen for a very long time and it does open up an opportunity for potential investors to dive into the pool.
Looking at the state of the general market, I guess it can't be helped that the price of GLX drops. The crypto market, as a whole, isn't exactly in a good place and Bitcoin trading at the $27.5k isn't exactly exciting news.
Despite the state of the market, I suspect that the slump in the price of GLX is also closely associated with the launch of validator nodes. It is quite similar to what happened to SPS when nodes were launched.
The pace of node purchases in GLS is not as fast as Splinterlands but that was expected. However, the drop in the price of GLX token makes sense, in the grand scheme of things.
Investors that bought validator nodes will be looking to recuperate the funds they put into buying licenses and I suspect that's the reason we're seeing this negative price action. I expect GLX price to continue this slump for a while.
Plans to buy more
I don't think we've ht the bottom but I also don't think we're far away from it. I expect somewhere around 1.5cents to be the point where the price rebounds to the 2 cents range and I expect the token to continue trading at this pattern for a while.
At the time of writing, I have slightly more than 45k GLX tokens staked and the price continues to drop, due to the mass dumping that we're seeing. I already indicated that I intend to stake everything I earn but of course, I'll be pulling out at some point in the future.
If the price of GLX continues to trade below 2cents, I'll be buying and staking small quantities regularly, while also restaking everything I farm as well. I have a very good feeling about this particular asset, so I'll be playing the long game with it.
To raise funds for my GLX purchases, I'll be converting the DEC I earn from selling my Splinterlands assets. I'll also be selling some of the tokens I earn from my publications and staking it all in GLX.
The immediate goal is to accumulate around 100K GLX tokens before the staking reward period elapses. Afterwards, I'll simply just hold the token or keep it staked to participate in governance or enjoy any privilege that asking offers in the future.
I don't think we'll be seeing any major price action in the coming months, so I'll probably be bag holding GLX for a couple of years. I hope the gamble pays off.