I've staked SPS token for as long as I can remember, watching the value of the token continue to plummet towards the abyss. A token that once traded as high as 90 cents has dropped to 2 cents and I can only imagine the amount of pain that some investors are feeling right now.
I have a mixed bag of emotions concerning SPS token. On one hand, I took a decent chunk of profit in the early days but I also invested a bit of the profit when the token was sliding down, so I have also experienced losses.
I don't keep records of my trading activities because I don't have to pay taxes but I reckon that despite the blow from the crypto market, I'll still be somewhere in the red zone overall.
Watching my SPS investment crumble to zero as I continue to stay loyal to this game has been quite frustrating. I'm thinking long term and one thing for sure is that Splinterlands has immense growth potential, so that keeps me going.
In any case, it still hurts to watch my investment slide down to the abyss so fast. It is important to keep in mind that I'm only talking about the dollar value of my SPS stake because at the end of the day 1 sps= 1 sps and nothing can change that.
The Value
One thing for sure is that SPS token will always have value within SPlinterlands. It is the governance token of the game that enables investors to vote for proposals and it is also a token used for onboarding people or concepts beyond the game(for example, Genesis League Sports).
The intrinsic value of SPS token is never in doubt but the way the external market responds to this value is beyond the control of the game and this is why we're where we are today.
SPS token is taking a beating because this is how the market perceives the token to be valued. Yes, the bear market contributes to the dump but that notwithstanding, the market is speaking and we have to listen.
My confidence in the long-term success of Splinterlands is unwavering but at the same time, I have to do what is right for me and my household. So, I wonder if it might be time to cut my losses and move whatever little value SPS offers into something with a higher APR.
Some of my options are not limited to but include;
- Buying and staking GLX tokens for a much higher APR
- Exchanging for Hive and staking for smaller APR but ahigher potential of a short-term pump
- Moving to HBD savings for stable and regular interest
- Investing in monsters, climb up to Gold league and compete for better rewards
- Buy Matic, Sol or any other external asset with a high ceiling.
Stick or twist
At the time of writing, the dollar value of my staked SPS token is around $400, a colossal fall from upwards of $3000, at some point. This is quite frustrating but at the same time, I'll feel like a total bum if I sell now.
10X upwards and I'll be back in the green zone again but what are the odds of that happening to SPS token anytime soon? It seems highly unlikely right now and with even more tone inflation injected into the game, the odds get slimmer.
At the same time, I think I could always easily just buy it all back with the profit I earn from something else since the price is so low. For example, if I put$400 into GLX staking that offers a much higher APR, I could buy back the SPS in a few months, assuming the APR stays the same.
Right now, I'm unstaking my SPS but I haven't made any final decision. I can't say for sure if I'll stick with SPS or look elsewhere, it's a struggle between my heart and my head.
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