Will the launch of GLG actually pump GLX token?
My health was in a questionable state for most of yesterday, so I couldn't participate in the community but at least there was a little bit of respite in the crypto market. As I fought for my life against a brutal case of diarrhoea, GLX got closer to 1 cent, offering me a glimmer of hope and perhaps cementing my hunch that 0.009 might actually be the bottom.
In that publication, some investors and potential investors weighed in their thoughts that were mostly on the side of pessimism. It is a sad state for GLX token but that is the case right now and what we have to work with.
The project leaders have scheduled a townhall meeting for the 19th of May and I reckon the conversations will surround the potential launch of the game. I have indicated interest to attend and I highly recommend you visit the "announcement" channel and book it on your calendar.
On the low
For the most part, things have stayed the same; nobody is really expecting anything from GLX token until there's a working project. The prevalent opinion is that the token's value will continue dropping until there's a game to play.
As much as I like to think the launch of the game will be a major boost for GLX token, I fear that it might not be as dramatic as we expect. I say this because considering where the token is right now, in terms of its slump, most early investors will be looking to take profit or cut their losses, as the situation demands.
So, what this means is that we could see a situation where the pump from the launch of the game is canceled out by the selling pressure that comes from early investors trying to take a little bit of profit or cut their losses. Now, keep in mind that this prediction is only for the short term because I think in the future, things will be a lot different.
There's also the fact that certain investors have thrown in wads of cash into purchasing validator nodes and they would also be looking to squeeze out something in the short term. Then, there's also the crazy inflation schedule that will lead to billions of GLX token being printed and invariably diluting the value of available tokens in the process.
I fear that the much anticipated launch of the first of many games in the GLS universe may not necessarily be enough to achieve that dramatic pump we expect for GLX token. However, I don't think that it's a problem because just like Splinterlands, most investors are looking to play the long game.
Genesis League Sports is going to be a platform with a number of sports-themed games and while GLG is getting all the airtime now because it is the first, there is a lot more to come. Considering that GLX token is expected to have utility across all games on the platform, it is not out of the question to think that a major pump is on the horizon and even the inflation schedule won't obstruct it.
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Interesting analysis and I really hope that the GLX market will go up!
Have an awesome day!
I don't see any reason why the game launch should have any significant impact on GLX price.
But there is an other reason for that: the staked GLMSA packs total daily reward is 193500 GLX. That will come to end in 25 days. If something, the much less new GLX can boost the price.
(To be honest, I don't know how much GLX given out daily as GLX and SPS staking rewards, but I suppose that almost 200k pack staking reward is a huge % of the total, and the pack staking is a 1 time opportunity, I don't think it will happen again with GLG or other future game's pack case.)
I didn't know about the meeting. I check their hive blog 1-2 times in a week. Very disappointing, they can't post about it on Hive, generally they don't post here anything. They could make 1 post... how long does it take to write about important updates, news? 5-10 minutes... I guess it was again a discord announcment...
SPS is also showing signs of weakness. Some investors may think the play-to-earn trend is over, but I disagree.
Thanks for sharing! - @alokkumar121
