Crypto investors are getting hyped about a new and largely unheard of coin which is taking the market by a storm.
GALA is getting the attention of cryptocurrency watchers as its price reached a new all-time high on early Thursday morning.
The rising price is being cheered by investors who welcome the growing industry of decentralised games, non-fungible tokens (NFT) and the metaverse, The Sun reported.
Gala is trading at $0.1886, up 45.13 per cent, according to CoinMarketCap.
Just this week, the coin has tripled its price.
Cryptos are especially volatile, so their values can make large swings with no notice.
Newer cryptocurrencies are also riskier than more established ones, such as bitcoin, and make you more vulnerable to scams.
Interested investors are advised to do their research.
What is Gala?
Gala is a token in the gaming and NFT space.
It’s used on Gala Games which is a platform created in 2019 by one of the co-founders of Zynga, an $8 billion gaming company.
Gala is used as the medium of exchange between people who are playing.
The tokens can be used to pay for items within the game.
John Vasquez, known as Coach JV, is a crypto expert and founder of 3T Warrior Academy who told The Sun: “Gala has a great foundation.
“Gala gives their players true ownership of their in-game items and they do this with the use of NFTs.”
Some of the popular games on the network include Town Star, Spider Tanks, Mirandus and Fortified.
Gala price predictions
The Gala token began trading in September 2020.
Gala has risen by 93.57 per cent this week, according to Coinbase.
Coach JV said: “My 3T Warrior Academy research team and I are super bullish on Gala.
“The gaming industry is roughly a $175 billion industry and is one of the largest media categories by revenue.”
Meanwhile, Wallet Investor expects the cryptocurrency to hit $0.172 in one year’s time and $0.469 in five years.
And Price Prediction Net estimates Gala will reach an average value of $0.20 in 2022, $0.60 in 2025 and $1.31 in 2027.
These price predictions are far from guaranteed though, so you should take them with a pinch of salt.
Cryptocurrencies are very complex and you should always be very careful before parting with money, as you could lose all the cash you put in.
This article originally appeared in The Sun and was reproduced here with permission.