GALA coin price prediction: Where is the token headed in a bear market?

GALA coin price prediction: Where is the token headed in a bear market?

The GALA (GALA) cryptocurrency, responsible for the smooth running of the Gala Games ecosystem, saw a positive start to February 2022 as its value surged by 102.72% from $0.1875 on 2 February to $0.3801 six days later.

However, the GALA coin value dropped by the end of February to $0.2321 on the 27th of the month (a 38.93% decline) triggered by Russia’s invasion of Ukraine that led to an overall fall in the crypto market.

Following recent news of the platform launching Web3 Women, a community initiative by women for women in Web3, as well as positive endorsement from celebrities like Paris Hilton and Snoop Dogg, what does the long-term sentiment look like for the GALA price prediction in 2022, 2025 and 2030?

What is GALA coin?

Gala Games was founded in 2018 by Eric Schiermeyer (co-founder of game developer Zynga), Wright Thurston (crypto miner) and Michael McCarthy (creative director behind viral gaming like Farmville) with one goal in mind: to give power back to the gamers.

Through this initiative, Gala Games’ co-founders are targeting a wide niche of gamers who would like to change the gaming ecosystem.

The introduction of non-fungible tokens (NFTs) into the Gala Games ecosystem was the first step into making gaming more decentralised as well as helping players take control over the ownership of their game items. NFTs can be collected, traded and sold, not just within their own game but throughout the entirety of the Gala Games ecosystem.

In order to give power back to the gamers, Gala Games has established a blockchain network powered by the GALA tokens, which power the entirety of the platform. Built on the Ethereum network, GALA tokens are transferable between users who have full control over how to use them.

Users can also purchase nodes in GALA, ether (ETH) and Basic Attention Token (BAT) and acquire voting rights on which games will be published next on the platform, allowing players to exercise full governance. This process is also known as the Founder’s Nodes within the Gala Games Ecosystem, which is powered by over 16,000 player-run nodes.

GALA cryptocurrency can also be used as a reward to owners and is distributed daily to Founder’s Nodes that have operated for at least a required time using a point system. Running a node for six hours within a cycle will earn players one point. In order for the network to run smoothly, 50,000 Founder’s Nodes were released upon its launch.

In the long run, Gala Games is planning to establish multiple game studios that will each work on multiple games, creating a steady stream of NFTs, which will get dropped to the node network in order to incentivise the network and keep it stable.

So far, the platform has released one playable game – Town Star  – and an NFT collectible series – VOX.

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No data is available on the maximum supply of GALA tokens; however, total supply exceeds 35 billion, with nearly seven billion in circulation. The token reached over $1.5bn in market capitalisation and is ranked as the 60th largest cryptocurrency by CoinMarketCap as of 18 March 2022.

GALA cryptocurrency did not have an initial coin offering (ICO) upon its launch.

Since its launch, the platform has acquired 1.3 million monthly active users and sold more than 26,000 NFTs, with the most expensive so far selling for $3m.

“I wouldn’t be doing this if I didn’t think this was literally the next phase of the internet. Everything that touches ownership is going to be affected by what’s happening here,” said GALA’s founder Eric Schiermeyer.

“Art and music and everything that has a digital life is going to be touched by this. Anything that you thought was digital that you thought you owned but didn’t really own — that’s what’s about to be revolutionised,” he added.

Key drivers of the GALA crypto price

The Gala Games token started to gain traction in September 2021 after being listed on Binance as well as Bibox crypto exchange platforms in the middle of the month as its price surged by 51594.13% to $0.1129 on 23 September 2021 from its previous all time low of $0.0002184 on 28 December 2020.

Following updates to Gala Games inventory, which made transferring items from within the platform’s ecosystem to Ethereum much easier, as well as the signing of a memorandum of understanding between Gala Games and Wemade Tree (the blockchain subsidiary of Korea-based gaming giant Wemade), the GALA crypto price moved sideways throughout October and mid-November.

Gala to USD price chart, 2020 - 2022

News published on 15 November that the company would be releasing its very first limited supply of Game Node licences for Town Star boosted the GALA token by 192.11%, up from $0.1268 on 15 November 2021 to $0.3704 a week later.

The token’s price managed to keep a steady growth pace and by 28 November 2021 surged to $0.7121, its all-time high, following the announcement of the release of a new series of its VOX NFTs.

Success, however, did not last long for the GALA cryptocurrency despite a general hype surrounding play-to-earn platforms, which in November surpassed a $1bn record in NFT trading volume, according to data published by DappRadar.

Between its all time high at the end of November and 3 December, the token’s value dropped by 28.88% to $0.5064.

The Gala Games coin continued on a downward trend in the following month until it reached $0.1813 on 22 January 2022 despite securing a $100m blockchain gaming fund in partnership with C² Ventures and preparing for the launch of Phase 2 of the nodes ecosystem at the start of January.

In more recent GALA coin news, the platform announced that it had partnered with popular American rapper Snoop Dogg and would be releasing his latest record, B.O.D.R, on the blockchain and that the tracks would be sold as NFTs.

By 15 February, the token’s value started to rapidly decline once again, falling by 36.84% in one week from $0.3547 on 15 February to $0.224, following Russia’s invasion of Ukraine that triggered overall negative market sentiment.

“The surge in GALA token is mainly due to the interest in metaverse and gaming tokens worldwide,” BigONE Exchange chair in Asia, Anndy Lian, told Capital.com.

“Its founders have done well in gaming and crypto mining. This becomes an added advantage. The token itself is based on Ethereum and is well supported by the community of faithful investors. Adding steam to the whole equation is that they are listed on most of the leading exchanges including Binance, FTX, Coinbase, Bybit, Huobi and Kucoin.”

What’s next for the Gala Games crypto?

Since 15 February 2022, the GALA crypto price has been moving sideways despite having been endorsed by the likes of Snoop Dogg and Paris Hilton. As of 18 March 2022, the token is trading at $0.222.

The platform has lined up a number of exciting partnerships including Frank Miller, Under Armour and AMC’s hit show The Walking Dead. Upcoming projects include the release of more games such as Last Expedition #, legacy and The Walking Dead: Empire, which will drive a new range of users to the Gala Games ecosystem.

It is also planning to expand its sustainable initiatives.

Between 6 and 8 June 6 2022, the platform will be in Copenhagen, Denmark, where it will host Galaverse, an immersive world experience for each one of its games.

Because the GALA token was built on the Ethereum network, it heavily relies on the ETH performance, making it quite volatile. Moreover, the token could start facing competition as tensions rise in the gaming/NFT space amid their growing popularity, Invezz’s data analyst, Dan Ashmore told Capital.com.

However, he noted that brighter times for the GALA coin value could be looking up ahead.

“GALA, the community-led gaming platform, spiked 20% in 24 hours at the start of February following the news that Galaverse will occur in June. At the last event last December, numerous projects were launched (including Legacy & The Walking Dead: Empires), and there is speculation more will be announced this June,” he told Capital.com.

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“20% represents a huge jump for merely an event, and markets have pulled the token back below levels even before the announcement. GALA earlier announced a $5bn investment to expand their NFTs, and if that or the Galaverse don’t work out, this token could continue to tumble… If, however, projects remain on track and Galaverse does not disappoint, GALA could rise above a $3.5bn market cap. The all-time highs of $5bn set last November seem a reach.”

GALA coin price prediction: Will this be a good few years?

Algorithm-based forecasting service WalletInvestor gave a positive GALA prediction at the time of writing (18 March), calling it an “awesome long-term investment”.

Based on its analysis of the cryptocurrency’s past performance, the site predicted that the GALA cryptocurrency could trade at $0.559 by 2023 and reach $1.918 by 2026.

DigitalCoinPrice supported the bullish GALA crypto price prediction but at a much slower pace, seeing the coin reach $0.31 by the end of 2022 and $0.46by December 2025.

The site did not see a GALA price prediction surpassing its all-time high any time soon as its long-term GALA coin forecast showed the cryptocurrency reaching $0.64 by the end of 2027 and $1.19 by 2030.

Note that these predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing, and never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/gala-coin-price-prediction-is-it-a-good-investment

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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