A little-known cryptocurrency has risen by three-digit percentage points after a surprise listing on a major cryptocurrency exchange.
The utility token of the gaming and non-fungible token (NFT) platform Gala Games, GALA, rose about 250% from $ 0.02 to an all-time high of $ 0.07 in just 24 hours.
GALA has a market capitalization of over $ 379 million and is the coin at number 181 according to CoinGecko.
The GALA altcoin is based on the Ethereum blockchain, which is used as a medium of exchange to purchase in-game items and NFTs in the gaming ecosystem. The project also uses GALA to reward the top 100 players in one of the platform’s games.
Eric Schiermeyer, CEO of Gala Games, who also co-founded game developer Zynga, says blockchain gaming is the next phase of the internet.
“Everything that has to do with property is influenced by what happens here. Art and music and everything that has a digital life is touched by it. Anything that you thought was digital, that you thought you owned but didn’t actually own, is going to be revolutionized. “
GALA’s price increase coincides with the listing of the utility token on the global crypto exchange Binance. The crypto asset can now be traded against other cryptocurrencies, in particular Bitcoin (BTC), Binance Coin (BNB) and stablecoins BUSD and USDT. Binance says withdrawals will begin 24 hours after the start of trading.
GALA has given up some of its profits after hitting its all-time high. At the time of writing, GALA is trading at $ 0.05.
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Featured image: Shutterstock / Tithi Luadthong