gala: GALA dances on Snoop Dogg’s beats, doubles investor wealth in a week

Synopsis

GALA is among the top 50 largest crypto assets with a marketcap more than $2.5 billion. The recent rally has led to a sharp profit-booking in the token, as the volume has plunged about 40 per cent to $1.13 billion on Thursday

After a strong beating, a number of crypto assets have risen from their ashes to deliver handsome returns to those who kept faith in the digital space.

One such example is GALA, a metaverse play, which has more than doubled investors’ wealth in just one week. However, the token has remained volatile after doubling investors’ wealth.

It jumped to $0.3718 on Thursday from $0.1799 a week ago, the data from Coinmarketcap suggest. There are a total 6.98 billion GALA tokens in circulating supply, it added.
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GALA is among the top 50 largest crypto assets with a marketcap more than $2.5 billion. The recent rally has led to a sharp profit-booking in the token, as the volume has plunged about 40 per cent to $1.13 billion on Thursday, 2 pm IST.

However, market analysts believe that the rise in the price of GALA is not a fluke and is backed by fundamental reasons including Snoop Dogg’s involvement, NFTs and rise of play-to-earn theme.

“Hip hop artist Snoop Dogg has joined the GALA squad by announcing the launch of his new album ‘Bacc on Death Row’ music NFTs on Gala music thereby leading to a rally in GALA prices,” said Sharat Chandra, VP- Research & Strategy, EarthID.

His new album BODR (acc on Death Row) is available via blockchain. In partnership with blockchain gaming platform Gala Games, Snoop’s NFT LP version offers three exclusive bonus tracks.

The Stash Box of NFTs will be available via Gala Music and the Snoop Stash Boxes are limited to 25,000 and are available for $5,000.

“The rising price is being cheered by investors who welcome the growing industry of decentralised games, non-fungible tokens (NFT) and the metaverse,” added Raj A Kapoor, Founder, India Blockchain Alliance.

The gaming community took to this immediately. Gala has also introduced land and revenue sales to keep its play-to-earn subscriber base active and growing, he said.

Should you invest?

The GALA token is the digital utility token of the GALA Games ecosystem. It is cryptographically secured and native to the GALA Games ecosystem.

Blockchain based Play to Earn (P2E) games will shape the future of gaming and the GALA gaming ecosystem is thriving, said Chandra, who suggested investors keep gaming tokens in their portfolio anticipating the price to move higher.

The price of GALA has surged more than 100 per cent in the last one week. Despite the latest rally in the token, it is trading at about half the prices to it’s all time high.

GALA is transferable between users, and they have full control over how to use it. It is getting the attention of cryptocurrency watchers as its price reached a new all-time high last week.

NFT gaming is one of the hottest themes that could become big in the next couple of years in crypto investing, and GALA Games have the traction and resources to become a giant in NFT gaming, said Micky Irons, Chief Marketing Officer, DeSpace.

If one is looking for virtual currencies with good returns, Gala can be a profitable investment option, he adds. “These digital assets are retained in an immutable smart contract.”

What are the risks?

A shorter holding for Gala time means sharp movement of tokens can lead to price swings. Investors should factor this aspect in their decision making process and invest accordingly, warned the market experts.

“The usual holding time of a Gala token is 28 days. Longer holding terms signify accumulation trends, Chandra from EarthID said.

Investors should always invest in cryptocurrencies with caution, Kapoor warned, who sees it as a decent long term bet. “The GALA price prediction from analysts and algorithm-based forecasts predict a gradual upward trend for the coin.”

Echoing the similar views, Irons told that it is a risky investment, it also has tremendous potential for growth. “It won’t be the best investment for everyone, but if you’re willing to take on higher levels of risk, it could be right for you,” he said.

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Updated: 02/10/2022 — 07:00