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The past few months have seen increased interest in defi gaming. How will this reflect on Gala? Read our Gala price prediction as we explore the answer.
Gala Games is a gaming blockchain ecosystem launched in 2020. It was one of the earliest platforms in the play-to-earn (P2E) GameFi industry, 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 a great amount of value on game quality and foster an ecosystem of games owned and governed by players. All games on the platform are free to play and available on the blockchain via a decentralized app (dapp). There is also a non-fungible token (NFT) store that supports all in-game 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 bridging out to other chains.
GALA history and tokenomics
The GALA token’s maximum supply is capped at 50 billion. Presently, there are 27 billion tokens in circulation, amounting to roughly 50% of the total maximum supply. GALA tokens are distributed daily, half are allocated to the founder’s node operators, which power Gala Games ecosystem, and the rest to the Gala Games conservatorship.
On May 15, 2023, the Gala Games team burned 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 the renewed commitment of transparency and sustainability to the Gala Games community.”
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 recuperated towards the end of the year and closed 2020 at $0.001442
Gala’s price would remain relatively stable at the start of 2021, hovering around the $0.001 mark for the majority of January. However, a gradual uptick began the following month, reaching a new peak of $0.03285 on February 28.
In September 2021, GALA was listed on the Binance exchange, leading to new investor interest and a new high of $0.1369 on September 18. However, the most significant price hike would come in November, when the GALA token shot up almost 500% to reach its all-time high of $0.8367.
Unfortunately, these gains would not last, and the price began correctly 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 peaks in May, the price ended the year at $0.01648. A rebound followed in 2023, with the price hitting a positive trend even as the outlook for cryptocurrencies remained dubious following the crypto winter of 2022. In March, the GALA token rose 8% in one day as interest in web3 grew. It remained between the $0.02 and $0.04 mark going into 2024 and, at the time of writing in February 2024, was valued at $0.0327.
Gala price prediction: short-term outlook
Looking at short-term forecasts for GALA, analysts seem to generally lean towards the idea that the coin’s bullish streak may continue in the immediate future.
CoinCodex’s short-term forecast for GALA saw the price falling 7.23% by March 2, 2024, to $ 0.030150. However, based on the website’s technical indicators, the current sentiment is bullish, with GALA having had 16 green days in the past 30 days and 10.71% price volatility.
BeIn Crypto was pretty positive in their GALA price prediction for 2024. They projected a high of $0.07928 in 2024, which would represent a 140% increase from the current price.
However, algorithm forecaster Wallet Investor had a more somber prediction, believing that by the end of March 2024, GALA’s price could fall 30% to $0.0237.
Gala price prediction: long-term outlook
Longer-term predictions for GALA were a lot more mixed regarding where its future could lie.
Wallet Investor’s bearish short-term projections extended into the long term, as it suggested that the coin could end 2024 at $0.0121. Furthermore, the forecaster’s Gala price prediction for 2025 believed that by February next year, the token could have sunk to $0.00337, $0.002073 by February 2026, and $0.00176 by 2027. The site’s predictions for 2029 projected the coin could fall 98% from its current price to $0.000678.
Meanwhile, CoinCodex forecast that in 2025 Gala could reach a high of $ 0.075640, which would represent a growth of 120%. The high-end projections for 2026 were even more positive as CoinCodex projected the coin could be priced at $0.258348. Though the yearly highs for the next two years predicted a downturn, with $ 0.118111 and $ 0.185553 for 2027 and 2028, respectively, the site forecast that 2030 GALA could peak at $ 0.329700.
The most positive Gala predictions came from DigitalCoinPrice, who saw the price for Gala averaging at $0.0802 in 2025, $0.11 in 2026, and $0.14 in 2027. The website’s GALA price prediction for 2030 sat at $0.24, while in 2033 it expected the price could average at $0.63, which would be an impressive 1,826% increase from the current price.
It’s important to note that these Gala crypto price predictions are based on historical data and should not be the sole factor in determining whether to invest in a cryptocurrency. Anyone questioning whether they should invest in Gala must take the time to conduct their own research using various sources and taking into consideration their investment goals and attitude towards risk, among other factors.
FAQs
Is Gala a good investment?
Only you can decide whether Gala is the right investment for you. Currently, price predictions for the coin are mixed, and whether or not the coin increases or falls in the future may depend on updates and partnerships that can gain investor interest. It’s important to do your own thorough research before making an investment decision.
Will Gala’s price go up or down?
No one can say for sure. At present, short-term forecasts for Gala are relatively positive, with CoinCodex and BeIn Crypto being bullish on GALA in the near future. However, Wallet Investor’s Gala coin short-term prediction believed that the price could fall in the next few months and up until the end of the year. Long-term forecasts are incredibly mixed.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
This article first appeared at crypto.news
