Daily Top Performer — Gala Games (GALA)

Last week, the SPX index saw a decrease of 0.26% as investors pulled back from major technology stocks. In the broader cryptocurrency market, Bitcoin and Ether dropped by 0.84% and 1.58% respectively in the past 24 hours.

Today’s top performer is GALA, which saw a 43.05% increase after Gala Games partnered with AWS and Alienware for a $1 million prize pool hackathon at GDC.

Gala Games (GALA), established in 2019, is a blockchain platform where players can earn GALA tokens and NFTs by playing various games. It operates on Ethereum, with connections to Polygon and BNB Chain for lower fees, and uses GALA for in-game transactions. The platform plans to launch its own blockchain called Project GYRI to enhance asset ownership. Gala Games recently announced a collaboration with AWS Game Tech and Alienware for a hackathon at GDC, inviting participants to explore GalaChain over 24 hours with a chance to win from a $1 million prize pool. Registration is now open.

Check Out the Latest Prices, Charts, and Data of GALAUSDT Perp and GALA/USDT Spot!

Talk of the Town:

Injective Protocol, designed for trading platforms, has introduced inEVM, a rollup that promotes interoperability across the Ethereum, Cosmos, and Solana networks. This initiative incorporates advanced technologies such as Celestia, the Pyth network, Hyperlane, and LayerZero Labs to address the challenge of isolated blockchain networks by offering a more secure option compared to existing cross-chain bridges. Meanwhile, the protocol’s native token, INJ, has experienced significant growth, surging more than 1300% over the past year and increasing fivefold since October 2023.

Check Out the Latest Prices, Charts, and Data of INJUSDT Perp and INJ/USDT Spot!

Altcoins to Watch

As Bitcoin continues to test its all-time high, altcoins have the potential to outperform due to their higher beta if the bull market continues. Here are some altcoins to keep an eye on:

Solana (SOL)

Solana was one of the top performers in 2023, with a 917% increase during that period. Due to the popularity of token meme airdrops on the Saga smartphone, Solana may continue to outperform in 2024. Compared to Ethereum, Solana has lower transaction costs and development costs, making it more attractive to users and developers.

XRP

XRP has underperformed the broader crypto market due to an ongoing lawsuit between Ripple Labs, the contributor behind Ripple and XRP, and the SEC. However, the relative underperformance of XRP in the past year could lead to an upward adjustment as traders shift from highly profitable positions to relative underperformers.

AVAX

AVAX was a top-performing Layer 1 token in 2023. While its momentum has recently slowed down, its potential lies in institutional integration. AVAX’s rally was previously driven by the news that JP Morgan’s Onyx taps Avalanche for tokenized funds. As more integration is expected, AVAX’s price could receive a boost.

DOGE

DOGE only gained 27% in 2023 but has seen a recent rally due to asset reallocation by investors. Although Elon Musk’s post on X played a role, it is mainly driven by investors shifting from profitable positions on other similar tokens to those that underperformed in 2023.

Polkadot (DOT)

Polkadot had a moderate performance as a Layer 1 network in 2023, with a 90% return during the year. News releases could have a significant impact on Polkadot’s price, making it an attractive option for investors adopting a contrarian investing strategy.

Airdrop Spotlight:

Traders of Bitcoin Ordinals on Magic Eden, as well as those trading on Solana and Ethereum, will receive an „NFT“ token airdrop from the Non-Fungible DAO. The airdrop targets users of Magic Eden’s MSigner technology, which facilitates Ordinals transactions. This initiative marks a significant step in integrating blockchain technologies and rewarding community participation.

Quelle: Bybit Blog