A little-known cryptocurrency rose by three-digit percentages after it was surprisingly listed on Binance, a major cryptocurrency exchange.
GALA, the native token of gaming and non-fungible token (NFT) platform Gala Games, rose nearly 250 percent from $0.02 to hit an all-time high of $0.07 in just 24 hours.
GALA, currently the 191-ranked cryptocurrency, has a market cap of over $360 million, according to CoinGecko.
The GALA altcoin is based on the Ethereum blockchain and is used in the gaming ecosystem as a medium of exchange for purchasing in-game items and NFTs. The project, in some of the games of the platform; It also uses GALA to reward the top 100 players.
Gala Games CEO Eric Schiermeyer, co-founder of game developer Zynga, believes blockchain games are the next phase of the internet.
“Everything that touches the property/ownership concept will be affected by what happens here. Everything that exists in art, music and digital life will be affected. This is what will (..) revolutionize.”
The price increase of GALA follows the listing of the utility token on the global crypto exchange Binance. The cryptocurrency can now be traded against other cryptocurrencies including Bitcoin (BTC), Binance Coin (BNB), and stablecoins BUSD and USDT. Binance said that withdrawals will begin 24 hours after the start of trading.
Having hit an all-time high after the news, GALA has given up some of its gains and is trading at $0.05 at the time of writing.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.