How high can GLX go?
There has been some positive movement in the market today, as various assets recover from the Silvergate FUD-induced crash. It is a pleasant sight, of course, and one that I must say we needed in the midst of all the chaos.
I have to say, I have been pleasantly surprised by the way the market continues to fix itself after every "crash". The mainstream media will naturally paint their doomsday scenario to get clicks while the rest of us simply keep calm, hodl and move forward.
As things didn't go as badly as "promised", perhaps it is time for us to start looking forward and stop dwelling on the shortcomings. I suspect that the worst is over and it might be time to prepare our minds for a potential bull market.
One asset that will undoubtedly be part of any potential bull run is GLX token. It is a highly sort after token from the Genesis League Sport project that offers investors up to 164% APR for staking.
At the time of writing, staking GLX isn't exactly what has been the talk of the town. Validator Node Licenses that are going to be bought with GLX token has grabbed most of the attention in recent times.
It is not out of the question to think that we'll be seeing GLX experience its own local bull run before the actual bull run commences.
Considering the limited supply of tokens in circulation, combined with the general state of the market and demand for validator nodes, I reckon a decent chunk of GLX supply will be getting burnt in the process.
Burning and pumping
What we know for sure is that a fraction of every GLX spent in purchasing a validator node license will be burnt out of circulation. I expect the first round of sales to vanish in a flash, so that's at least $1m worth of GLX token going into nodes, and burning a fraction of that could pump the value.
According to data on Hive-engine, GLX has a 24-hour trading volume of a bit over $7700 at this moment and so, assuming even 20% of the GLX used to buy license nodes gets burnt, that's still a fair amount that could lead to a corresponding pump.
We already know that validator nodes will lead to a slight increase in GLX inflation, so in the long run, this will most likely counter any pump that burning caused. However, my hunch is that in the short term, and I mean a couple of days during which the first round of presale goes on, we will see GLX pump and probably get close to the 10 cents mark.
When you think about it, pumping GLX right now is the best thing to do for the larger investors. A higher priced token means you get to spend less volume to invest in the said validator nodes.
Personally, I'd be hoping for a pump that exceeds even the 10 cents mark, as it could mean that my incoming GLX power down could afford me one validator node. Dreaming is free, after all.
Posted Using LeoFinance Beta
Man I should have put more into that when I first knew about it!
Oh well. Thanks for your post! Awesome news!
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I am hearing of an infamous pump and dump. Is this true?
I've heard rumours too and I can neither deny nor confirm, so what I'm doing is ensuring I have enough liquid GLX, just in case
So I have to get my head around this. A group pumped GLX so they could trade for GLUSD so they can buy nodes? Is this correct?
Yup. I don't think they've even pumped it yet, considering that the price of GLX is pretty much where it has been for weeks.
The rumour is they intend to pump GLX, burn it for GLUSD, buy nodes early and then mint a lot more GLX with the nodes.
Pumping GLX means you burn a lot less tokens when you convert to GLUSD.
First round of presale of nodes starts in a couple of hours, so I say we watch for fireworks.