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Gala Price Prediction: recent hacking incident and subsequent growth

gala-price-prediction
Edited by
Predictions
Gala Price Prediction: recent hacking incident and subsequent growth

On May 20, 2024, an unknown individual hacked Gala Games’ gaming platform and withdrew 5 billion GALA tokens, valued at approximately $210 million. 

On May 22, 2024, the Gala token rose to $0.04969 after the funds from the security incident were recovered and proposed to be burned for token stability. On May 24, 4.4 billion Gala tokens were finally burnt.

As of today, May 27, 2024, the Gala token is trading at $0.045, according to CoinMarketCap. The token experienced a growth of 3,3% over the day. 

What’s next for 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 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.”

Gala Price Prediction: recent hacking incident and subsequent growth - 1
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 recuperated towards the end of the year and closed 2020 at $0.001442

Gala’s price remained relatively stable at the start of 2021, hovering around the $0.001 mark for most 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 May 2024, was valued at $0.045.

Gala price prediction: next bull run. Short-term outlook

Looking at short-term Gala token price predictions, analysts generally lean towards the idea that the coin’s bullish streak may continue in the immediate future.

CoinCodex’s short-term forecast for GALA predicts a price increase of 30.37% by June 1, 2024, to $ 0.0574. Based on the website’s technical indicators, the current sentiment is neutral, with GALA having had 15 green days in the past 30 days and 3.93% price volatility.

Algorithm forecaster Wallet Investor had an even more positive prediction, believing that by the end of June 2024, GALA’s price could reach $0.1071. 

Gala price prediction: long-term outlook

Longer-term GALA predictions were positive as well.

Gala price prediction 2024

Wallet Investor’s bullish short-term projections extended into the long term, as it suggested that the coin could end 2024 at $0.2095. 

Gala price prediction 2025

Furthermore, the Wallet Investor’s Gala price prediction for 2025 believed that by June of next year, the token could reach $0.121.

CoinCodex forecast that in 2025 Gala could reach a high of $ 0.2089, which would represent a growth of 362.9%. 

Gala price prediction 2030

CoinCodex also forecast that 2030 GALA could trade at $ 0.1817. 

The most optimistic GALA predictions came from DigitalCoinPrice.  The website’s GALA price prediction for 2030 sat at $0.34.

It’s important to note that this Gala crypto price prediction is 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 positive, 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 and long-term forecasts for Gala are rather optimistic, with CoinCodex and Wallet Investor being bullish on GALA in the near future and beyond.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.