This year has been a tough sail for GALA since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of GALA.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for GALA to reclaim its all-time high in 2023? Continue with the article to learn about GALA price analysis and prediction by Coinpaper.
Read also: Decentraland Price Prediction 2023. Should I buy MANA?
What is GALA?
Gala Games is a blockchain-based gaming platform that aims to give players control over their games and in-game assets. Currently, it has only one ready-to-play game called Town Star, a town simulation that can be played in browser. Although its gameplay is similar to SimCity, in Town Star users actually own their virtual estate. The Gala Games platform also has its set of collectible NFT avatars called VOX and a utility token called GALA. The latter is used to reward users who run Gala nodes that support the entire network. Although there is just one game available for players at the moment, other games are in development as well, namely a PvP tower defense game Fortified, a fantasy RPG Mirandus, and a sci-fi strategy Echoes of Empire.
GALA (GALA) price
Currently, GALA Price is USD. GALA has a circulating supply of coins and a total supply of . If you are looking to buy or sell GALA, Binance is currently the most active exchange.
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GALA price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish GALA 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see GALA price at $0.059 to $0.074. On the flip side, a fading interest in the new meme coin may push the price of GALA to $0.031-$0.018 lows.
GALA price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to GALA (GALA) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of GALA to climb as high as $0.089, with the more distant prospect of reaching $0.12 in 2024. The bearish scenario is likely to see GALA (GALA) trading between $0.063 and $0.045 in 2024.
GALA price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our GALA (GALA) price analysis and prediction is based on pure speculation and observation of GALA historical price movements.
Our GALA 2025 price forecast expects GALA to rally towards $0.189 and reach $0.256 by the end of the year. The bearish scenario would see GALA at $0.11 to $0.097.
GALA (GALA) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for GALA is neutral. In 2026, we expect GALA to reach at least $0.31 before climbing higher to $0.38. In case of a bearish scenario, GALA may fall to $0.19.
Is GALA (GALA) a good investment?
Recently, GALA token made a lot of social media buzz after it surged 187% on the news of Gala Games’ partnership with the American actors Dwayne “The Rock” Johnson and Mark Wahlberg to make a couple of movies. For that reason, the token doesn’t look like the best short-term investment, as it is likely heading to correction after a price jump. However, GALA can be a good investment if you believe in the future of the project, and, more broadly, in the blockchain gaming industry.
Bottom line
Are you ready to invest in GALA? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy GALA from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created GALA?
Gala Games was founded by Eric Schiermeye, who was also the co-founder of Zynga, a popular social and mobile games company.
What was the all-time high for GALA (GALA) ?
The all-time high price of GALA is $ on 2021-11-26
