Gala Games (GALA) has been in the spotlight in the crypto world, especially among gamers and developers interested in the integration of blockchain technology in the gaming industry. However, before we dive into Gala price predictions, it's important to understand what Gala Games is and how its ecosystem functions.
What is Gala Games (GALA)?
Gala Games is a blockchain-based gaming platform that aims to revolutionize the gaming industry by giving players full control over their in-game assets. In the Gala Games ecosystem, players can own, trade, and trade in-game assets as NFTs (Non-Fungible Tokens). It provides a level of ownership and freedom that has never existed before in the traditional gaming industry.
Gala Games was founded by Eric Schiermeyer, co-founder of Zynga, which is famous for popular games like FarmVille. The platform offers different types of games, from RPGs to strategy games, all with deep blockchain integration.
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What Is GALA Coin?
GALA is the main utility token in the Gala Games ecosystem. These tokens are used for a variety of purposes, including purchasing in-game items, paying transaction fees, and incentivizing users to participate in the Gala network. In addition, GALA is also used for staking, which allows users to earn additional rewards by securing the network.
GALA tokens can be earned through playing games within the Gala Games ecosystem, participating in special events, or purchasing them on crypto exchanges. This token serves as a digital currency that powers the entire Gala ecosystem, ensuring that all transactions and activities within the platform run smoothly.
GALA Hacking Case and Its Impact
Gala Games suffered a hack last time on May 20, 2024. In the incident, a hacker managed to mint 5 billion GALA tokens and sell them, leading to a loss of approximately $200 million USD.
However, Gala Games managed to recover around $23 million USD in Ether (ETH) from the hacker. The net loss from the hack was estimated to be around $177 million USD after the recovery of the fund.
The impact of this hack was pronounced, not only on the price of the token but also on the community's trust in the security of the Gala Games platform.
The Gala Games team immediately responded by fixing the vulnerability, improving security measures, and returning most of the stolen funds. They also announced plans for more stringent security audits in the future.
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GALA Price Today
On 05/06/2024, the price of GALA is trading at the level of Rp772 or around $0.07 per coin. In terms of price performance, GALA's movement is fairly positive with an increase of 6.77% in the last 24 hours according to Bittime data.
Source: Bittime
GALA Price Prediction According to Crypto Academy
After recovery from hacking and increased security measures, GALA is showing strong signs of revival. Despite the exploit on May 20, the Crypto Academy sees GALA recovering and is advancing to $0.05. GALA is currently in a bullish order block. The Crypto Academy sees an upside target to $0.086, after a reclaim at $0.05. GALA is also considered likely to break its highest price at the level of $ 0.1.
Conclusion
Gala Games (GALA) has great potential in the future thanks to its innovative blockchain-based gaming ecosystem. Despite facing major challenges as a result of the hack, recovery efforts and security improvements have demonstrated Gala Games' commitment to growth and development.
With increased adoption, technological innovation, and strategic partnerships, GALA's price predictions look positive in the coming years. However, as with all crypto investments, it is important to do in-depth research and understand the risks involved before investing.
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How to Buy Gala Games (GALA) on Bittime
You can buy and sell Gala Games (GALA) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Gala Games (GALA) is available on Bittime with the market pair GALA/IDR. To be able to buy GALA IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Gala Games (GALA) on Bittime.
Monitor the price chart movements of Gala Games (GALA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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