Has SPS hit the bottom yet?
As the price of SPS tokens continues to drop, I feel an irresistible urge to put a few Hive into the asset. I know I said that I was going to take a step back from investment activities but I hardly consider swapping Hive for SPS an investment.
The best part about the said Hive is that the Hive itself is something I earned from my activities on Hive. It is not like I'm bringing in external capital and well, it is not like I even have the external capital, in the first place.
Anyway, I decided this was the right time to grow my SPS stake in the game once again. I know the APR is quite small these days but it beats just holding idle assets.
I actually reached 20K SPS tokens in the past but I had to take profit for personal reasons. At the time of writing, I'm up to 16,740 tokens staked and about $100 worth of SPS away from 20K staked.
I'm not rushing into the decision though, as I think this is really not the time to be spending huge sums like $100 on a whim. I'll take things slow while watching the market to see if there could be further dips that would make my life easier.
More GLX for me
As you've probably figured out, a big part of my decision to buy and stake more SPS tokens comes from my desire to get more GLX tokens from the daily airdrop. I'm not too bothered by the market value of GLX tokens right now, as I see whatever I receive as a bonus.
I'll be staking a tiny amount of GLX I receive while holding the rest for sustenance. Naturally, I hope the price rises but again, I'm unbothered because I'm balls deep in profit.
I don't know where the GLX pendulum will swing but from last night's dip to today, the token has already pumped from 14 cents to 16 cents. The thing is, I don't think we're out of murky waters just yet.
Despite the minor pump, I feel like we've not quite hit the bottom. Considering where the general crypto market is right now, I fear that GLX token is yet to feel the heat.
As more investors start throwing funds into GLX token, we'll have a more crowded staking pool that also translates to an increase in the number of people that can dump the asset.
Investors will be looking to recoup some of their investment, so I reckon the dumping will be a protracted event, spanning a couple of months until we hit the bottom. If I should speculate, I'd say the bottom of GLX token will be similar to SPS token bottom.
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