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Gala Price Prediction | Is GALA a good investment?
On May 20, 2024, an unknown individual violated gaming platform Gala Games and withdrew 5 billion GALA tokens, worth approximately $210 million.
On May 22, 2024, the Gala token rose to $0.04969 after funds from the security incident were recovered and proposed to be burned for the stability of the token. On May 24, 4.4 billion Gala tokens were finally distributed burnt.
As of today, May 27, 2024, the Gala token is trading at $0.045, second at CoinMarketCap. The token recorded growth of 3.3% on the day.
What is the future of Gala? Read our Gala coin price prediction as we explore the answer.
What is Gala?
Gala Games is a gaming blockchain ecosystem launched in 2020. It was one of the first platforms in the GameFi play-to-earn (P2E) space, offering players rewards in the form of its native utility token, GALA. Gala (GALA) is used for purchasing items, peer-to-peer payments, and rewarding nodes.
According to Gala Games, they place high value on game quality and promote an ecosystem of player-owned and governed games. All games on the platform are free and available on the blockchain via a decentralized app (dapp). There is also a non-fungible token (NFT) store that supports all gaming assets.
GALA tokens are transferable between users and exist on multiple blockchains, including Ethereum, Binance, and GalaChain. GALA is also the network fee in the GalaChain blockchain for connecting to other chains.
History and tokenomics of GALA
The maximum supply of the GALA token is limited to 50 billion. There are currently 27 billion tokens in circulation, accounting for approximately 50% of the total maximum supply. GALA tokens are distributed daily, half are allocated to the operators of the founder nodes, which power the Gala Games ecosystem, and the rest to the guardianship of Gala Games.
On May 15, 2023 the Gala Games team burnt approximately 20.9 billion GALA tokens from the total supply. The total burned was valued at approximately $660 million and, according to Gala Games, was “part of Gala Games’ renewed commitment to transparency and sustainability to the community.”
Source: CoinMarketCap
The GALA token launched on September 18, 2020 at $0.001437. A month later, on October 18, it had fallen 64% to $0.0005148. However, the price recovered towards the end of the year and ended 2020 at $0.001442
Gala’s price has remained relatively stable in early 2021, hovering around the $0.001 mark for much of January. However, a gradual rally began the following month, reaching a new high of $0.03285 on February 28.
In September 2021, GALA was listed on the Binance exchange, sparking renewed interest from investors and a new high of $0.1369 on September 18. However, the most significant price increase would occur in November, when the GALA token would surge nearly 500% to reach its all-time high of $0.8367.
Unfortunately, these gains would not last and the price got off to a good start relatively quickly, falling to $0.6207 on November 30 and closing 2021 at $0.4515 on December 31, a 46% drop from its all-time high .
2022 brought a further decline. Despite some spikes in May, the price ended the year at $0.01648. A rebound followed in 2023, with the price trending positively even as the outlook for cryptocurrencies remained doubtful after the crypto winter of 2022. In March, the GALA token surged 8% in one day as interest in web3 grew. It remained between $0.02 and $0.04 through 2024, and as of this writing in May 2024, it was valued at $0.045.
Gala Price Prediction: Next Bull Run. Short term view
Looking at short-term Gala token price predictions, analysts generally lean towards the idea that the coin’s bullish streak could continue in the immediate future.
CoinCodex The short-term forecast for GALA calls for a price increase of 30.37% by June 1, 2024, to $0.0574. Based on the website’s technical indicators, current sentiment is neutral, with GALA having 15 green days in the last 30 days and price volatility of 3.93%.
Algorithm forecaster Portfolio investor had an even more positive forecast, believing that by the end of June 2024 GALA’s price could reach $0.1071.
Gala Price Prediction: Long Term Outlook
The long-term GALA forecast was also positive.
Gala 2024 Price Prediction
Wallet Investor’s short-term bullish projections extended into the long term, as they suggested the coin could end 2024 at $0.2095.
Gala 2025 Price Prediction
Furthermore, Wallet Investor’s Gala price prediction for 2025 predicts that by June next year the token could reach $0.121.
CoinCodex predicts that Gala could reach a high of $0.2089 in 2025, which would represent growth of 362.9%.
Gala Price Prediction 2030
CoinCodex also predicts that 2030 GALA could trade at $0.1817.
This is where the most optimistic GALA forecasts come from PriceCoinDigital. The website’s GALA price prediction for 2030 was $0.34.
It is important to note that this Gala cryptocurrency price prediction is based on historical data and should not be the only factor in determining whether to invest in a cryptocurrency. Anyone wondering whether to invest in Gala should take the time to conduct their own research using various sources and taking into consideration, among other factors, their investment objectives and attitude to risk.
Frequent questions
Is Gala a good investment?
Only you can decide if Gala is the right investment for you. Currently, the coin’s price predictions are positive and whether the coin will rise or fall in the future may depend on updates and partnerships that can attract investor interest. It is important to do your thorough research before making an investment decision.
Will Gala’s price increase or decrease?
Nobody can say for sure. As it stands, the short- and long-term outlook for Gala is quite optimistic, with CoinCodex and Wallet Investor bullish on GALA for the foreseeable future and beyond.
Disclosure: This article does not constitute investment advice. The contents and materials on this page are for educational purposes only.