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Jan 8
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“Gala’s price today is US$0.01901, with a 24-hour trading volume of $37.44 M. GALA is +3.51% in the last 24 hours. It is currently 2.38% from its 7-day all-time high of $0.01857, and 22.53% from its 7-day all-time low of $0.01552. GALA has a circulating supply of 6.98 B GALA and a max supply of 50 B GALA.” — Crypto.com.
Well, that was yesterday. It’s up another 26.35% today. However, you could buy 2000 or so tokens with $50, and sit back and wait for the Metaverse to explode.
If it doesn’t, you’re out $50. I spent more than that on Farmville every month. I have nothing to show for all the time and money spent.
What’s more, its trading volume is up 257% at $370,503,104. Why is that important? Trading volume indicates how much money is being spent buying or selling the token.
Trading volume measures of the amount of a particular cryptocurrency bought and sold over a specific period. It is an essential indicator of the liquidity of a cryptocurrency and can affect the asset’s price. High trading volume can indicate a high level of interest in a cryptocurrency, leading to price increases.
Gala Games (9 JAN 23) just sent me this Tweet:
On the other hand, low trading volume can indicate a lack of interest, leading to price decreases. In the case of cryptocurrency, trading volume is also used to gauge the overall adoption and usage of different cryptocurrencies.
“Trading volume, which measures the number of shares traded during a particular time period, can help. While swings in trading volume may not be enough on their own to reveal changes in a trend, they can give you a sense of how much strength there is behind a move.” — Schwab.
Of course, in this case, we are looking at the cryptocurrency GALA. But why the sudden increase in trading volume for this token that’s been taking a beating like many of the other cryptocurrencies?
GALA is a decentralized gaming token that facilitates transactions within the Gala Games ecosystem. It is built on the Ethereum blockchain and is an ERC-20 standard token.
It is a utility token to access various games and services within the ecosystem.
GALA can be used to purchase in-game items, play games, and participate in other activities within the Gala Games platform.
GALA intends to develop Play-to-Earn (P2E) games that are actually fun to play, like Townstar (a Farmville like (P2E) game) and Battlestar Galactica, which are already available.
The value of GALA is determined by the market demand (as is all cryptocurrency) for the token and the overall usage of the Gala Games platform.
In 2018, Eric Schiermeyer and Michael McCarthy develop the GALA gaming system to allow gamers to own their in-game items.
Whether or not you are familiar with their names, chances are you are acquainted with some of their previous projects.
McCarthy was Zynga’s creative director and developed Farmville 2! I can tell you; I spent a lot of money on Farmville, and I have nothing to show for it.
Schiermeyer was one of the early creators of Intermix Media, which created MySpace. He also worked on Zynga and Farmville.
Believe it or not, Zynga is a billion-dollar company.
Take-Two acquired Zynga last January for $12.7 billion. Think Grand Theft Auto, Civilization, Red Dead Redemption, BioShock, Borderlands, 2K Sports, and more.
Gaming could be a trillion-dollar industry. You can read more about GALA and standing up “Founder’s Nodes” (you must have 150,000 GALA to stand up a node) on Crypto.com. If you’re interested.
However, GALA nodes will have three consensus mechanisms. The Founder’s Nodes will be Proof-of-work (PoW), Paid Nodes, which will assist the Founder’s Nodes for part of their rewards, will be Proof-of-Stake (PoS), and Free Nodes will be Proof-of-Storage.
Most of the hype and excitement behind the GALA pump over the past week is due to the deflationary announcement to burn 50% of gas fees and the acquisition of a $20 million mobile gaming company.
Apple will allow NFTs in the app store. GALA will establish two mobile game studios. One for casual users and the other for mid to hard-core users.
#galagames #gala #galacrypto
I always enjoy Guy’s analysis.
“The live Gala price today is $0.023681 USD with a 24-hour trading volume of $371,852,514 USD. We update our GALA to USD price in real-time. Gala is up 26.35% in the last 24 hours. The current CoinMarketCap ranking is #128, with a live market cap of $165,225,683 USD. It has a circulating supply of 6,977,205,436 GALA coins and the max. supply is not available.” — Coin Market Cap.
As you can see, today’s price is slightly higher than its introductory price of $0.021. However, its all-time high (ATH) before the crypto winter was $0.8367.
Yes, it’s down 97%. However, Bitcoin is down 75.37%, ETH is down 74%, and so on within the crypto universe. This is a crypto bear market. It will be back.
Does that mean you should write it off? I wouldn’t think so. The entire cryptocurrency market has been down since NOV 21.
However, you should do your own research (DYOR) and browse the web to access updated information. It is always wise to stay up to date with the latest developments and news in the cryptocurrency market, as this can affect the price and trading volume of a particular asset, like GALA.
It is crucial to note that the value of cryptocurrency can be extremely volatile, and investing in GALA or any other cryptocurrency carries inherent risks. It could be up 26% today and down more than that tomorrow.
It is a good idea to follow industry news and track the performance of GALA and other cryptocurrencies using a reliable source.
DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser, and you should consider anything I write as informational and friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.
Note: This post contains affiliate links. Read my disclosure statement for additional information.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Investing, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
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