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GALA Up 200% in Past Month: What’s Fueling the Rally?

GALA Up 200% in Past Month: What’s Fueling the Rally?

GALA, the native cryptocurrency of the Gala Games ecosystem, has been on a roller coaster ride as of late.

The token has gained more than 12% over the past day amid the broader rally among gaming coins. It has also seen its value soar by more than 60% over the past week and 200% over the past month, according to data from CoinMarketCap.

In a note to Techopedia, Anndy Lian, Intergovernmental Blockchain Expert, said:

“The recent surge in GALA’s price can be attributed to a combination of factors, including partnership announcements and growing investor interest in the GameFi sector.”

With a market cap of $2.2 billion as of March 11, 2024, GALA is currently the 56th largest cryptocurrency by market value. It has a circulating supply of 29,309,794,963 coins and a 24-hour trading volume of $1.7 billion.

Where’s next for GALA? Is the latest rally sustainable? Learn in our GALA price analysis.

Key Takeaways

  • GALA has seen a significant surge, gaining over 200% in the past month.
  • The rally is attributed to several factors, including the resurgence in the crypto market.
  • Recent developments, including the economic system of a new game called Last Expedition, have sparked further interest in GALA.
  • Other gaming tokens have also surged alongside GALA, including PIXEL and RON.

Gala Gains Renewed Interest Amid Market Resurgence

Founded in 2019 by Eric Schiermeyer (a co-founder of Zynga) and other industry veterans, Gala Games leverages blockchain technology to facilitate the creation, distribution, and trade of non-fungible tokens (NFTs), enabling players to own unique in-game assets such as characters, equipment, and land.

The platform offers a variety of games spanning different genres, with notable titles including “Town Star” and “Mirandus.” These games are designed to be play-to-earn, allowing players to potentially earn rewards through skilled gameplay or contributions to the ecosystem.

After explosive growth during the 2021 bull run, the platform faced significant challenges, largely attributed to a mix of technical vulnerabilities and the waning interest in GameFi.

A notable incident was an issue with a bridge malfunction, which allowed an attacker to mint over $2 billion worth of GALA tokens.

The incident involved a vulnerability within the multi-chain routing protocol provided by pNetwork, which supports Gala Games, among other DeFi organizations.

Additionally, as the initial excitement around blockchain gaming and NFTs began to stabilize, platforms like Gala Games faced challenges in maintaining the explosive growth experienced in their early days.

Nevertheless, the GameFi project has once again picked up momentum amid the recent market resurgence. With Bitcoin hitting a new all-time high, GALA has also been on a roll, gaining more than 200% over the past month alone.

Why Is GALA Surging?

GALA’s recent surge can be largely attributed to the announcement detailing the economic system of a new blockchain-based game called Last Expedition.

The game features a rich narrative on the alien planet Aura, where players, as hunters, gather valuable resources and tech while facing deadly creatures. It uses in-game currencies as a reward system, which could be swapped for other currencies, including GALA. The announcement read:

“Thanks to the power of GalaChain, a variety of in-game currencies with different purposes will be used to provide an immersive player experience with nearly infinite combinations and strategic choices.”

In-game currencies and Notarium, a key resource, can be earned and used for various upgrades and crafting, adding depth to the gameplay. This intricate economic model, combined with strategic gameplay elements, likely contributes to increased interest and investment in GALA.

 

Gala has been vigorously pursuing other development initiatives as well. The platform has launched its GalaSwap decentralized exchange (DEX) on the GalaChain network and sponsored a $1 million hackathon at the Game Developers Conference.

Anndy Lian commented:

“Their partnership with AWS Game Tech and Alienware is one of the highlights. This increased GALA’s brand visibility for the token in the global gaming arena, and its connection with the big brands brought more credibility. The growing price of GALA has also brought many GameFi users back to the market.”

Positive sentiment across the crypto space, driven by institutional interest and increasing adoption, has benefited altcoins, including GALA.

Furthermore, GALA’s tokenomics include mechanisms such as token burning, where a portion of the transaction fees collected in GALA is burned, effectively reducing the overall supply over time.

This deflationary measure can contribute to the token’s price appreciation as the circulating supply decreases.

Gaming Tokens Surge as Bitcoin Hits $70,000

Aside from GALA, other prominent gaming tokens and metaverse coins also experienced a significant surge in value over the weekend. This surge occurred concurrently with Bitcoin briefly surpassing the $70,000 mark.

One of the tokens experiencing significant gains includes PIXEL, the crypto farming game, and its associated network, Ethereum scaler Ronin. PIXEL reached a new all-time high price above $0.94 overnight, with growing interest reflected in over 500,000 daily active users.

Ronin’s RON token also hit a more than two-year high of $4.05 before slightly dipping to $3.70. Yield Guild Games’ YGG token, announced as PIXEL’s guilds infrastructure partner, saw a 64% increase in value this week.

Moreover, NFT card battler Parallel’s PRIME token reached a new all-time high of $19.78, while BEAM, the token of the Beam gaming network, set a record high of $0.044. Immutable’s IMX, the largest gaming token by market cap, spiked to a two-year high of $3.62.

Tokens such as Axie Infinity’s AXS and Iluvium’s ILV also experienced notable gains.

These gaming token surges often outperformed Bitcoin, which briefly exceeded $70,000 on Sunday, following its historic breach of that price point on Friday. Bitcoin’s current value sits just below $69,500, representing an 11% increase over the past week.

So, will the price of GALA continue moving up? Anndy Lian has a positive view. He said:

“When I spoke to my community on the ground, they said that the price action got their attention, and they are promoting the token non-stop on X. In the last few days, I have seen a big increase in trading volume by close to 110%, amounting to around $1.4B in the last 24 hours. The increased volume means that the buying interest is very high. If you look at CMC on the addresses by time held, I see that the number now is 69.28% vs. 52.14% 1 year ago. This also means that more people are more confident about the token now.”

Giving his short-term GALA price outlook, Lian predicted:

“Maybe consider holding it [GALA] for a longer period. If this situation continues, I believe a 5% to 15% price hike in the next week is also possible.”

The Bottom Line

The remarkable surge in GALA’s value, alongside the broader rally in gaming tokens, comes amid a renewed interest in blockchain gaming and NFTs.

GALA has emerged as the biggest winner in the recent gaming and metaverse coin surge, with the price jumping more than 200% over the past week.

 

Source: https://www.techopedia.com/gala-is-up-200-percent-in-past-month

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- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. 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.

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”.

www.anndy.com
j j j

COTI Surges 280% in a Month: What’s Behind the Pump?

COTI Surges 280% in a Month: What’s Behind the Pump?

COTI, the native currency of the COTI Layer 2, experienced a significant surge in February, gaining more than 280%. Over the past week alone, the value of COTI has more than doubled, jumping by around 130% and sitting at around $0.22 on February 29, 2024.

The rally is largely attributed to a series of technological advancements that have attracted investor interest. In this article, we will explore some of the key factors contributing to COTI’s rise.

Key Takeaways

  • COTI has seen a remarkable increase of over 280% in February, with a notable jump of about 130% in the past week alone.
  • The project’s recent developments have contributed to its growing traction.
  • At its core, COTI is designed as a comprehensive privacy-focused fintech platform aiming to revolutionize digital transactions with its decentralized payment network, stablecoins, and a multi-DAG data structure.
  • Analysts remain bullish on COTI’s future, predicting further price increases based on its technological innovations and market position.

What is COTI?

COTI stands for “Currency of the Internet” and is a pioneering fintech platform that seeks to revolutionize digital transactions by offering a decentralized payment network and stablecoins.

It’s built on a multi-DAG (Directed Acyclic Graph) data structure, which enables it to process over 100,000 transactions per second, offering a scalable, fast, and cost-effective alternative to traditional blockchain systems.

The core of COTI’s innovation is its Trustchain algorithm, which operates on a DAG data structure rather than a conventional blockchain. This approach significantly reduces transaction costs and increases processing speed to up to 100,000 transactions per second.

COTI employs a new consensus mechanism called Proof of Trust (PoT), which combines elements of Proof of Work (PoW) and DAG. This mechanism rates users and nodes within the network based on their historical behavior and payment statistics, assigning a Trust Score that influences transaction processing speed and fees.

Moreover, COTI’s MultiDAG 2.0 layer facilitates the creation of enterprise tokens, merchant tokens, and governance tokens, allowing for the issuance of branded stablecoins like Cardano’s Djed and the payment system ADA Pay.

In essence, COTI is intended not to be just a cryptocurrency but a comprehensive financial ecosystem designed to modernize and simplify digital transactions for businesses and consumers.

COTI’s Latest Developments

COTI has been making significant developments in the cryptocurrency space, which has sparked investor interest in the cryptocurrency. Here are some of the more notable developments:

1. Garbled Circuits on Blockchain

COTI has successfully demonstrated the application of Garbled Circuits on the blockchain, a cryptographic technique that allows two parties to jointly evaluate a function over their inputs without a trusted third party.

In a February 2022 Medium post, the project said it has “achieved a revolutionary breakthrough in garbled circuits” that allows the technology to be used on the blockchain for the very first time. This marks a major step towards enhancing privacy and computational efficiency on the blockchain​​.

2. Multi-Party Computation (MPC) Protocol

Earlier this month, COTI announced that it has integrated the advanced Multi-Party Computation (MPC) protocol into its Ethereum-based L2.

This protocol enables computations that require confidentiality, allowing sensitive data to be computed collectively without being shared, which is crucial for privacy concerns or regulatory requirements​​.

 

3. COTI’s $100 Million Development Fund

More recently, the COTI Foundation announced the target use cases and focus areas for its $100 million development fund, all of which will be allocated in COTI tokens.

The fund aims to support projects in various sectors, including decentralized finance (DeFi), data management, artificial intelligence (AI), GameFi, and more. Developers are encouraged to apply for funding through a selection process.

COTI Price Prediction: What to Expect Next?

With its innovative technology and growing ecosystem, COTI has gained traction as a promising blockchain project. This has led to a number of bullish forecasts, with predictions indicating a potential for significant growth.

Discussing the token and its future, Anndy Lian, an intergovernmental blockchain expert, told Techopedia: “Their narrative on “increased privacy on the chain,” announced at the end of 2023, got my attention. They want to launch Ethereum Layer 2 – COTI V2 – in 2024.”

“[COTI V2] will lead to potential use cases to keep transaction history private on DEXes or privacy-preserving dApps for RWA that allow businesses to verify the authenticity and traceability of products without revealing sensitive business relationships or information,” Lian explained.

“Considering the timing of Bitcoin’s recent price hike and halving in April, as well as the upcoming Ethereum Dencun upgrade, there is a good chance to see more price action on COTI.”

Tony Severino, a CMT candidate, technical analyst, and the author of the CoinChartist VIP newsletter, told Techopedia: “The COTI Foundation recently revealed a $100m growth fund targeted at expanding development around DeFi, GameFi, AI, and more.”

Severino added that “coupled with surging demand for crypto assets, the positive fundamental roadmap has led to the strongest weekly buying pressure since 2021 per the Relative Strength Index.”

“After some short-term consolidation, COTI appears poised to make new all-time highs in 2024. Exceeding the current price record puts the 1.618 Fibonacci extension in play, with a target of $4.22 per token.”

In the meantime, for the immediate future, CoinCodex suggests a modest increase in the COTI price, with expectations of it reaching $0.224085 by March 7, 2024, marking a 3.67% gain from its current price.

The broader outlook for 2024 suggests a possible range of $0.177128 to $0.641784, highlighting a significant bullish sentiment with a potential increase of up to 204.97%. Looking further ahead, the prediction for 2030 ranges between $0.410150 and $1.305266.

BeInCrypto predicts a high of over $0.65 by July 22, 2024, with a projected return on investment (ROI) from the current level of 170%.

For 2025, the site foresees a new all-time high of $0.8595, indicating a 258% ROI from current levels. Extending predictions to 2030, it suggests that COTI could trade as high as $1.8450, with projected lows around $1.50.

The Bottom Line

COTI’s surge in February can be attributed to its significant technological advancements and strategic initiatives aimed at enhancing privacy and efficiency on the blockchain.

The successful demonstration of Garbled Circuits, the integration of the MPC protocol, and its $100 million development fund are expected to further strengthen COTI’s position and contribute to its positive price trajectory.

Source: https://www.techopedia.com/coti-crypto-pumps-280-percent-in-february

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- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. 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.

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”.

www.anndy.com
j j j

Yahoo Finance: Donald Trump helps Polygon NFTs outsell Ethereum on OpenSea exchange for second month

Yahoo Finance: Donald Trump helps Polygon NFTs outsell Ethereum on OpenSea exchange for second month

The non-fungible token (NFT) project by former U.S. President Donald Trump has helped its host network, Polygon, outsell Ethereum on the leading NFT marketplace OpenSea for the second straight month, according to transaction data.

 

Fast facts

  • According to blockchain data aggregator Dune Analytics, there were 1.3 million Polygon NFTs sold in December and 1.5 million in January, while Ethereum’s numbers for those same months were 995,000 and 1.1 million.
  • “Trump Digital Trading Cards” was Polygon’s top project by sales value, if not in individual sales, on OpenSea in January with 5,517 sales totaling 1,760 Eth (US$9.2 million).
  • Trump’s collection was ridiculed by the right and left alike when it was released in mid-December for both its perceived poor timing in missing the height of the NFT market almost a year before, and for being out of touch with his voter base. The project quickly sold out regardless.
  • Anndy Lian, author of the new book “NFT: From Zero to Hero,” told Forkast in an emailed statement that Polygon’s growth isn’t really about Trump. The main reason for Polygon’s gain is it has a vast support system with gas fees (costs for transacting on the network) that are much lower than on Ethereum.
  • “The actual spike in popularity was with [collaboration with social media platform] Reddit in August 2022,” Lian said. “The collaboration with top brands such as Meta, Starbucks and Nike are also key indicators that they are on the right track and well accepted by mainstream audiences.”
  • Lian added that Polygon is also host to a large percentage of projects with greater utility, such as Sandbox and PlanetIX, which were both top 10 ranked collections across all NFT marketplaces in January.
  • “When there is demand, there is supply,” Lian said. “This is what we see in the case of Polygon.”
  • OpenSea is the largest NFT marketplace in the industry, and had 40% of the total NFT sales volume in January, according to DappRadar.

 

Source: https://finance.yahoo.com/news/donald-trump-helps-polygon-nfts-060422995.html

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- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. 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.

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”.

www.anndy.com
j j j