Matt Williams
Project Galaxy (GAL) was listed on Binance May 5th at $1.50 and pumped to $200 on day one. The GAL price then retraced to the $9 – $11 region.
Currently the Project Galaxy price is trading at $10 with a market cap of $350 million, total supply of 200,000,000 GAL tokens and 18% of those in the circulating supply (35.1 million).
A GAL/USDT pair was was also listed on Bybit and a GAL/USD pair on Coinbase and FTX on the same day, however the GAL top on those crypto exchanges was around $19. Binance has the highest trading volume of any crypto platform which can result in higher short-term wicks to the upside.
On Google trends ‘Project Galaxy crypto’ is also trending. This may represent an intent to buy GAL or people wondering why this new Binance listing hit $200 so fast to make 40x gains.
The 4000% GAL pump from $1.50 to $200 all took place within the space of one minute of trading – it may have been the result of a ‘fat finger’ situation where someone hit market buy and there were not enough sell orders on the exchange to fill that market order without slippage.
The GAL price closed that first minute at $39.4, held that area for two further minutes, closed the fourth minute at $22.9, and was at around $15 after twenty minutes.
This shows the dangers of FOMO (fear of missing out) and using market orders to rush into a position around the time of a new exchange listing. Unless you’re an experienced trader it’s usually better to use several limit orders to scale into a position slowly – dollar cost averaging.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Project Galaxy on CoinMarketCap
GAL is also currently in #7 position in the top trending cryptos on CoinMarketCap.com, with STEPN holding the #1 spot again, and ApeCoin also in the top 10 which has often been #1.
CMC describes the Project Galaxy project as a Web3 credential data network, to help Web3 developers leverage digital credentials and NFTs to build better products.
Any unique sounding use case and utility related to Web 3.0, decentralized finance (DeFi) and non-fungible tokens will attract investor interest. GAL coin could be one to watch.
It’s also interesting how it was listed on almost every major crypto exchange at once, including Coinbase, reminiscent of ApeCoin. Usually Coinbase is very selective about which crypto projects it doesn’t consider a scam and is willing to list.
Project Galaxy was the 30th crypto project on Binance Launchpool. Binance exchange supports farming GAL tokens and Binance Research wrote a paper on what Project Galaxy is.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
GAL Price Prediction
Not much technical analysis can be done on a new crypto asset with less than a week of price action. With Bitcoin moving down to the $34,000 region altcoins may also struggle to make gains.
BTC may sweep the $32.9k low set in January 2022, and even the June 2021 low of $28.7k if the SPX continues to dump. It is possible for altcoins to decouple from BTC and outperform though, as GMT and APE showed in the last month.
There is a general theory in crypto that wicks to the upside and downside do eventually get filled, as the point where they stopped does give some indication of sell zones and buy zones that may be retested. Someone had orders set to sell GAL at $200 on Binance.
APE launched at $1 on Binance on March 17th, hit $28 on day one, and closed day one at $8.5. It then filled most of the wick to the upside six weeks later, hitting $27.6 on April 28th.
Project Galaxy price history on Bybit
The most bullish Project Galaxy price prediction would then be for it to retest the $200 all time high or close to it in the long term, a 20x gain from the current GAL price. At that point it would have a market cap of $7 billion and be ranked in the top 20 cryptos (currently GAL is ranked #230).
In the short term however it needs to close HTF (high-timeframe) candles above $19, the GAL ATH set on Bybit, Coinbase and FTX. That could take time with the current condition of the crypto markets.
Project Galaxy NFTs
The official Project Galaxy website is galaxy.eco. There’s a ‘My NFTs’ section linked in the top menu. The site mentions a use case for GAL in NFT loyalty programs with credential-based NFTs – for example distributing NFT badges to record participation in GameFi and better reward and engage players. They created an on-chain achievement token (OAT) and NFT module with gasless minting.
Note – The GAL crypto asset is different to GALA, another NFT related coin listed on the same four exchanges. Also don’t confuse it with Galatasaray Fan Token (GAL) – which has the same ticker symbol on CoinMarketCap, but is listed on Bybit as GALFT.
Also Trending in Crypto News
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
This article was written for Business 2 Community by Matt Williams.
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