Project Galaxy (GAL) price prediction: Can Web3 project deliver?
Digital credential data network Project Galaxy token (GAL) saw its price plunge since launching, as trading activity dwindled over the past 12 days. The GAL token price fell to $6.1156 on 16 May, less than half of its $14.55 launch price on 5 May.
Project Galaxy’s GAL token was listed on the Binance Launchpool. A day after the launch, Project Galaxy’s coin value rocketed to an all-time high of $18.12. Since then GAL prices have been volatile, falling as low as $2.6222 on 11 May, before rebounding the next day to above $4.
On the first day of its listing, GAL’s trading volume reached a billion, but, as evidenced by the chart, trading activity fell subsequently and was last at $277.3m on 16 May, CoinMarketCap data showed.
Are you interested to learn more about the project’s future development and outlook? Read this analysis for the latest Project Galaxy coin news and price predictions.
What is Project Galaxy?
According to the Project Galaxy’s whitepaper, it is the largest Web3 credential data network. It was launched in March 2021 and “aims to build an open and collaborative credential data network that is accessible to all developers in Web3”. The platform operates on the Ethereum blockchain.
Web3 is touted as the future of the internet. An idea that the world wide web will be decentralised and blockchain-based with no single dominant provider. This contrasts with the present Web2, where a few technology companies dominate the space.
Credential data is behavioural data of users online, including credit history and shopping habits. Tech companies such as Google and Facebook monetise users’ credential data by sending them targeted advertisements.
According to Project Galaxy:
The project plans to provide the infrastructure for community members to curate and contribute digital credentials to its data network.
GAL, the project’s governance and utility token, is used to manage operations and facilitate transactions on the network.
GAL token supply and distribution
According to Project Galaxy’s whitepaper, GAL has a total supply of 200 million tokens. According to CoinMarketCap, the current circulating supply is 35.1 million.
Prior to the listing of GAL on cryptocurrency exchanges, the project organised several token generation events (TGE) to raise funds, including the public offering of 10 million tokens on 17 February 2022 on CoinList.
Token functions
GAL incentivises user participation and serves as the primary payment token of the project’s ecosystem. According to Project Galaxy, the utilities of GAL are:
Governance: Token holders can vote on the platform fee charged by the protocol, and control the funds held by the community treasury.
Paying for application module fee: Developers who utilise Galaxy’s credential data through application modules will need to pay a platform fee in GAL. Most of the fee will be allocated to the curators, and the community treasury will collect the rest. Currently all application module fees are waived as the feature is in beta testing.
Paying for Galaxy Oracle Engine and Galaxy Credential API: GAL is used to pay the query fees for searching credential data through Galaxy Oracle Engine and Galaxy Credential API. Query fees are also being waived during beta testing.
Curating digital credentials: Curators can purchase stakes of a credential data set from its corresponding bonding curve. The price of the credential stake increases with more purchases. Curators can choose to sell the credential stakes back to the bonding curve in exchange for GAL. As of 17 May, the curation system is still under development.
Project risk profile
As the project is in its early stage and has been in operation for just over a year, many of its features are still in beta testing. There is uncertainty as to whether these features can be rolled out successfully.
On cryptocurrency research and data site Is This Coin A Scam, project’s status was ‘unmonitored’.
However, the project’s utility within Web3 has garnered investors’ interest amid optimism for the development. Matt Williams wrote at Business 2 Community:
Project Galaxy coin price prediction
Despite the project being in its infancy, market expectations for the token were mostly bullish at the time of writing (17 May), with most analysts’ GAL crypto price predictions expecting it to trend higher in the next 10 years. Two analysts’ Project Galaxy price predictions exceeded $100 within a decade.
Price Prediction’s Project Galaxy prediction was bullish, with a higher token price projection in the next few years.
The average GAL/USD price was expected at $6.88 in 2022, rising to $9.90 in 2023, and $14.81 in 2024, $22.15 in 2025, $32.19 in 2026, $48.61 in 2027, $66.63 in 2028, $96.80 in 2029, $136.61 in 2030 and $190.92 in 2031.
TechNewsLeader’s GAL price prediction was the most bullish in the market. It forecast the GAL price could rise to $9.16 in 2022 and continue climbing to $13.44 by 2023, $20.89 in 2024, $30.36 in 2025, $44.11 in 2026, $63.46 in 2027, $92.20 in 2028, $133.97 in 2029, $192.76 in 2030 and $280.03 in 2031.
DigitalCoinPrice’s GAL prediction was less bullish long term, forecasting the average GAL price at $7.88 in 2022, $8.91 in 2023, $9.56 in 2024, $11.92 in 2025, $10.88 in 2026, $14.56 in 2027, $19.89 in 2028, $24.74 in 2029, $27.71 in 2030 and $31.38 in 2031.
Crypto Prediction’s GAL forecast was mixed, projecting the price could fall to a low of $4.85 in June 2022, then rebound to $16.44 by December. The token could rise further to reach $17.22-22.03 in 2023.
When looking at Project Galaxy price prediction investors should remember that the crypto market is volatile. Forecasts are based on inferences drawn from the past performance by analyst’s and may go wrong, due to market gyrations, change in policies and unknown parameters. Investors should also consider the token’s collaborations, partnership deals and fundamentals before relying completely on the predictions.
You should do research and base your decision to buy cryptocurrencies on their attitude to take a risk. Investors should gauge how comfortable they are about losing money, as you should never invest money that you cannot afford to lose.
FAQs
Is Project Galaxy a good investment?
Whether Project Galaxy is a good investment for you or not will depend on your investing goal, portfolio composition and risk profile, among other factors. You should do your own research and never invest more than you can afford to lose.
How high can GAL coin go?
As of 17 May, the GAL coin price prediction from Price Prediction forecast that the coin could reach $190.92 by 2031, while TechNewsLeader expected the token to reach $280.02 in 2031. However, analysts’ forecasts can be wrong and have been inaccurate in the past. You should do your own research and never invest what you cannot afford to lose.
Can Project Galaxy (GAL) reach $20?
Crypto Prediction’s Project Galaxy crypto price prediction expected GAL price to reach $20 by 2023, while TechNewsLeader forecast the token to exceed $20 in 2024. Price Prediction’s GAL target price was $20 for 2025. DigitalCoinPrice predicted GAL could reach $24 by 2029.
Note that analysts’ forecasts can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.
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