GALA has made headlines recently as it reached an all-time high on November 21.
Investors are watching the token closely as the decentralized games and NFT industries continue to grow.
At the time of writing, Gala has grown by nearly 5% in the last 24 hours, according to CoinMarketCap.
However, any investors must know that cryptocurrencies are very complex and you should always be very careful before parting with money.
This is because you could lose all the cash you put in.
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.
1. Gala is on the rise
Gala is a token in the gaming and non-fungible tokens (NFT) world.
Within the last seven days, Gala’s price has increased by 328.70%, according to Coinbase.
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This comes amidst the growth the decentralized games industry is experiencing.
Currently, there are more than 6,977,205,436 Gala in circulation, according to Coinbase.
2. It recently hit an all-time high
The token debuted for trading in September 2020, but just recently hit its high.
On November 21, Gala hit an all-time high of $0.49, according to CoinMarketCap.
This follows the previous high of $0.18 on November 17.
3. It’s an Ethereum token
Gala is a so-called Ethereum token.
Essentially, Ethereum tokens are smart contracts that make use of the Ethereum blockchain.
Ether is the cryptocurrency within the Ethereum network and is the second most popular form of cryptocurrency.
While both Ether (ETH) and Bitcoin (BTC) are traded and exchanged in similar ways, there are key differences between the two.
Ether was created for a handful of reasons, one of which was not to compete with Bitcoin, but rather complement it, according to Investopedia.
4. It powers Gala Games
The cryptocurrency powers Gala Games, which is a platform for blockchain gaming created in 2019.
Gala is the currency between Gala Games participants and can be used to purchase in-game items.
Gala is used as the medium of exchange between people who are playing.
But you can also get Gala by buying it from an exchange like Binance or Okex.
A full list of options is available on the Gala Games website.
5. Gala Games is a decentralized system
Gala Games is a decentralized system, meaning that the power of the game belongs to the players.
Gala Games believes the future of gaming to be among gamers, and not game developers.
Within the Gala Games decentralized system, players are able to own their content and the roadmap.
A full explanation of the decentralized system, as well as a Gala Games Node Ecosystem Map, can be found on the company’s website.
6. Price predictions
Predictions continue to roll in for Gala.
Wallet Investor expects the cryptocurrency to hit $0.659 in a year’s time and $1.788 within the next five years.
The site also states that it is profitable to invest in Gala, as the long-term earning potential in one year is +59.90%.
Meanwhile, Price Prediction Net estimates Gala will reach an average value of $0.61 in 2022, $1.90 in 2025 and $6.05 in 2027.
John Vasquez, a crypto expert known as Coach JV, recently told The Sun: “My 3T Warrior Academy research team and I are super bullish on Gala.
“The gaming industry is roughly a $175billion industry and is one of the largest media categories by revenue.”
As always, any predictions should be taken with a grain of salt, as they are not set in stone.
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We’ve also done other price predictions for other cryptocurrencies including Bitcoin, dYdX, EOS, Cardano, and Shiba.
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