Gala Crypto (GALA Games) price has been in a slump since its 2021 peak. The cryptocurrency is currently trading 96.38% below its all-time high of $0.824, which was made in November 2021. The latest analysis shows that Gala Games price can really surge in the coming months if it breaks above a key level on its chart.
What Is Gala Games?
Play to Earn, and Metaverse has emerged as one of the most hyped sectors in crypto land. The pioneering P2E model of Axie Infinity became very successful, and it brought millions of new users into crypto. The game became so popular that many people started to make a living out of it. Gala Games targets the same demographic of users. However, unlike Axie Infinity Gala Crypto aims to become an ecosystem of games.
The whole ecosystem will be governed by the Gala token. Gala plans to launch its own side chain where the native Gala token will be used for transactions. At the moment, Gala coin is required to run Gala nodes and to buy NFTs by Gala Games. Anybody can get a license to run a Gala founder node by paying 16500 Gala tokens. As per Gala Team, a total of 50,000 Founder Nodes would be enough to handle 100 million gaming users. At the time of writing, 25,631 nodes are online.
Gala Crypto History
The project started in 2019 when Blockchain Game Partners Inc. was established. The founders of Gala Games include Eric Shiermeyer, Michael McCarthy, and Wright Thurston. Eric is the current CEO of Gala Games while Michael holds the title of the President of Games. Jason Brink is like the face of the company being the Chief Marketing Officer (CMO) of Gala Games.
The project aims to become the biggest ecosystem of games by ultimately launching Gala side chain. Gala Team funded the initial development themselves. The origins of Gala tokens can be tracked back to 2020. Around 25 billion tokens were unlocked in the first year i.e. from July 2020 to July 2021. The emission schedule of Gala states that the number of unlocked Gala coins would reduce by half every year.
Latest Gala Games News
Gala Games is one of the fastest-developing gaming ecosystems. Many games are already out, and many are still in different development stages. According to the most recent Gala Games news, the network has got a major contract upgrade which will help in reducing the circulating supply of GALA crypto. The V2 tokens will be air-dropped to the V1 token holders at a 1:1 ratio.
Gala Crypto Price Prediction 2023
Gala Crypto price started 2023 with a bang. Gala Games price exploded in January and had a 284% price surge. A major pullback followed this, and currently, the cryptocurrency is trading 52% below its yearly high.
The following chart shows that the $0.045 level has become a huge resistance for GALA. The price has been struggling to break this resistance since it broke below it in September 2022. Gala crypto price will become very bullish as soon as it breaks above this level. This makes $0.072 a valid price target for 2023.
On the other hand, things could turn very ugly for Gala token if the price breaks below the trendline. This could make a price level of $0.12 a possibility.
Gala Crypto Price Prediction 2025
Like other assets, crypto prices also depend on the broader global economic situation. Many people attribute the last year’s insane growth in crypto to the constant money printing by US FED. The announcement of rates hike has badly affected the markets, signalling an era of quantitative tightening. Nevertheless, crypto gaming is a sector that appears to be less vulnerable to such events. This is because crypto gaming is still an untapped market, and there is massive room for growth.
Many crypto analysts are of the opinion that crypto gaming and metaverse could hit a market cap of $1 Trillion by 2025. If this becomes a reality, then Gala crypto price prediction 2025 comes out to be very bullish. For example, if Gala becomes a top gaming ecosystem as its team envisions, Gala’s price might target $2.6 by 2025. This would mean an 11x increase from current levels.
Is Gala Crypto a Good Investment?
Although crypto gaming exploded last year, it still lags in development. Most of the crypto games that are playable right now are very basic and unable to compete with mainstream games. Nevertheless, many AAA crypto games are also in development by different projects. Therefore, gala Games must also focus on fewer games with quality rather than developing many little games.
Since Gala Games is an ecosystem of games, even the success of a single game could send its price stellar. However, the project is still at a very nascent stage, and any major investment at this stage is risky. A better idea would be to add Gala Crypto to a crypto gaming portfolio that consists of multiple coins. In this way, one could get better exposure to crypto gaming by investing in various projects.