A little-known cryptocurrency has surged by triple-digit percentage points after a surprise listing on a major cryptocurrency exchange.
The utility token of gaming and non-fungible token (NFT) platform Gala Games, GALA, surged by approximately 250% from $0.02 to hit an all-time high of $0.07 in just 24 hours.
GALA boasts a market capitalization of over $379 million and is the 181st-ranked coin, 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 is also using GALA to reward the top 100 players in one of the platform’s games.
Gala Games CEO Eric Schiermeyer, who also co-founded games developer Zynga, says blockchain gaming is the next phase of the internet.
“Everything that touches ownership is going to be affected by what’s happening here. Art and music and everything that has a digital life is going to be touched by this. Anything that you thought was digital that you thought you owned but didn’t really own — that’s what’s about to be revolutionized.”
The surge in GALA’s price coincides with the listing of the utility token on global crypto exchange Binance. The crypto asset can now be traded against other cryptocurrencies specifically Bitcoin (BTC), Binance Coin (BNB), and stablecoins BUSD and USDT. Binance says withdrawals will commence 24 hours after the start of trading.
GALA has given up some of its gains after hitting its all-time high. At time of writing, GALA is trading $0.05.