Key Takeaways

• The GALA crypto has made something of a recovery in recent weeks as the market has picked up after the blow it took when the SEC said it was suing Binance and Coinbase.
• GALA supports the Gala Games metaverse gaming platform. 
• Can the Gala Games token continue to go up in price?

The crypto market took a hit in June 2023. The news that the United States Securities and Exchange Commission was suing the Binance and Coinbase exchanges over, among other things, selling unregistered securities damaged the market. 

Things got better towards the end of the month, with one website declaring  that it was “altseason”, a time when the all-powerful Bitcoin (BTC) was being outperformed by other cryptos. 

One crypto that looked to cash in on an expansion of interest was GALA, which had struggled over the previous 18 months after the metaverse fad passed. 

But what is Gala Games (GALA)? How does Gala Games work? Let’s see what we can find out, and also take a look at some of the Gala Games Price Predictions that were being made as of 12 June 2023.

Gala Games (GALA) Explained

Gala Games was founded in 2018 by games developers Eric Schiermeyer and Michael McCarthy and crypto miner Wright Thurston. The idea was to create a world of online gaming that was decentralized and, with the growth of the Metaverse, it set itself up to be a place where people could buy, sell, trade and earn non-fungible tokens within games. 

As of 27 June 2023, there were 19 games listed on the Gala Games website , with four of them live. The system also has its own NFT collection, called VOX. 

Gala Games is supported by the GALA token. 

How Gala Games Works

The Gala Games platform is based on the Ethereum (ETH) blockchain. Its native token is used to give holders the right to vote on changes to the network. For instance, people who hold GALA can help decide what games go into development on the platform. 

GALA’s holders can purchase nodes on the network, which help the system run, and can earn their operators rewards. 

GALA can also be bought, sold, and traded on exchanges. 

GALA Price History

Let’s now cast our eyes over the Gala Games price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Gala Games price prediction. 

When GALA first came onto the open market in the middle of 2020, it was worth $0.0005. Although the crypto market enjoyed a bull run in early 2021, it was not until metaverse mania ran wild in the late summer that the token started to pick up. The news of its listing on Binance saw it skyrocket, and it crossed over $0.10 in September. 

There was more to come later in the autumn, as an already-bouyant crypto market, coupled with the release of new VOX NFTs, saw it shoot up from $0.11 on 16 November to an all-time high of $0.8367 on 26 November. After this, the market dropped and it closed the year at $0.4514.

The chickens really came home to roost for the metaverse in 2022, with the sector underperforming a seriously bearish crypto market. By the middle of May, it had sunk below $0.05 and, despite returning to over $0.07 in August, the collapse of the FTX exchange saw it sink to close the year at $0.01666, a year-on-year loss of more than 96%.

So far, 2023 has been a little better, although the token is still a long way from its golden period of late 2021. In January, the news that its movie division, Gala Films, was working on projects with Hollywood superstars Dwayne “The Rock” Johnson and Mark Wahlberg saw it shoot up to $0.06241 on 28 January. 

After that, though, it was back down and it reached a nadir on 10 June when, following the news that Crypto.com was suspending its American institutional arm, it fell to $0.01879. Since then, it has made something of a recovery and, on 27 June 2023, it was worth about $0.026. 

At that time, there were about 21.6 billion GALA in circulation out of a total supply of 24 billion. This gave the token a market cap of about $561.5 million, making it the 72nd-largest crypto by that metric. 

Gala Games Price Analysis

Gala has had a bit of an up and down time in June. On 5 June, before the SEC announced its legal cases, it was worth $0.02967 but, over the next five days, it slid down by more than 35%. 

Since then, it has made a recovery with the market and, a little over a fortnight after it fell to its recent low, it went back up by just over 38%. The current price is, however, more than 12% worse than before the crash.  

Gala Games Price Prediction 

It’s now let’s take a look at some of the Gala Games price predictions that were being made on 27 June 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term cryptocurrency price predictions are made using an algorithm, which means that they can change at any time. 

First, CoinCodex  had a short-term Gala Games price prediction that said the token would drop to $0.02548 by 2 July before recovering to $0.074 by 28 July. The site’s technical analysis was, perhaps surprisingly, bearish, with 23 indicators sending downbeat signals compared to just 7 making bullish ones.

Gala Games Forecast for 2023

Moving onto other Gala Games price predictions for 2023, CaptainAltCoin  was bearish, at least in the shorter term, saying it would fall to $0.0253 in July before recovering to close the year at $0.0313. Bitnation  said that the token would perform a little better, reaching $0.0389, while PricePrediction.net  stood somewhere between the two, forecasting it to trade at an average of $0.032 this year. 

Gala Games Forecast for 2025

In terms of a Gala Games price prediction for 2025, Bitnation was pretty confident, saying it would get to about $0.09 that year, while PricePrediction.net thought it would reach $0.074. CaptainAltCoin was a bit more cautious, saying the token would trade at $0.0573 in two years time.

Gala Games Forecast for 2030

When it came to a Gala Games price prediction for 2030, PricePrediction.net was the most bullish, suggesting it would reach $0.42 that year, while Bitnation had it at around $0.22 and CaptainAltCoin said it would be worth $0.2656 at the start of the next decade. 

Is Gala Games a Good Investment?

It is hard to say. The token may have recovered with the market lately, but there is no telling how long the upturn will last, nor where it will get to.

On the other hand, things could barely go worse for GALA over the coming months than they did in 2022, when it lost more than 95% of its value.

Keep in mind that GALA could benefit from a metaverse comeback, but it remains to be seen whether than will actually happen.

As ever,  it is vital that you do your own research before deciding whether or not to invest in GALA.

Will Gala Games go up or down?

No one can really tell right now. While the price forecasts are broadly optimistic in the long run, price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up. 

Should I invest in Gala Games?

Before you decide whether or not to invest in Gala Games, you will need to do your own research, not only on GALA but on other, similar, coins and tokens, such as The Sandbox (SAND) and Decentraland (MANA). Ultimately, though, you will have to decide for yourself but, before you do, make sure that you never invest more money than you can afford to lose. 

FAQs 

How many GALA are there?

In 27 June 2023, there were about 21.6 billion GALA in circulation out of a total supply of 24 billion.

Will Gala Games reach $1?

It might do but, if it does, it won’t be for a while yet. PricePrediction.net says it should reach the dollar in 2032. Keep in mind that the token’s all time high is lower than this figure, with it having hit a price of $0.8367 in November 2021. 

What is GALA used for?

The GALA token is a governance token for the Gala Games platform. People who hold GALA can vote on changes to the system, and it can be used to purchase nodes on the network. The crypto can also be bought, sold, and traded on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.