Listing on Binance sends Project Galaxy (GAL) crypto soaring 24%

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Highlights

  • GAL token got listed on Binance innovation zone at 12:00 PM (UTC) on 5 May.
  • The trading pairs available on Binance are GAL/BTC, GAL/BNB, GAL/BUSD and GAL/USDT.
  • Smart money wallets have reportedly bought nearly US$4 million worth of GAL tokens today.

Despite the overall gloom in the crypto market, one token that is grabbing all the investor attention today is GAL, the native token of Project Galaxy, which is a Web 3 credential data network.

At the time of drafting this article, GAL was trading 24% higher at US$18.15 per token. GAL token got listed on Binance innovation zone at 12:00 PM (UTC) on 5 May. Binance has opened trading in this token with GAL/BTC, GAL/BNB, GAL/BUSD and GAL/USDT trading pairs.

This is the 30th project launched on Binance Launchpool. Binance users can stake their BNB, BUSD and CAKE into separate pools to farm GAL tokens till 27 May 2022.

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Upon listing, the token made a 24-hour high of US$18.26 while its 24-hour low was US$13.88, according to CoinMarketCap, which has ranked this token at 223rd place based on its current market capitalisation of US$611 million.

Following its Binance launch, large crypto traders have mopped up huge position in GAL, a report in CoinDesk mentioned citing data from blockchain analytics firm Nansen. The report said smart money wallets have bought nearly US$4 million worth of GAL tokens. This was higher than any other tokens tracked by the blockchain analytics firm. Notably, Nansen calls a wallet as “smart money” if it is historically profitable.

What Is Project Galaxy?

Built on an open and collaborative infrastructure, this project claims to be one of the leading Web3 credential data networks. Web3 projects can leverage Project Galaxy's digital credential data to create better products suited for their target customers.

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For the uninitiated, digital credentials are behavioural data generated by new users. For example, the online shopping sites you often visit is a digital credential and it is used by Web2 companies like Google and Facebook to send you targeted advertisements. These credentials are useful due to the immense use cases they provide. With the advance of Web3, there will be an explosion of behavioural data generated by new users. Project Galaxy provides the required infrastructure to help new users build digital credentials that will be of paramount importance.

At present, credential data are stored across closed databases, which are owned and permissioned by either applications or organisations – government or private. So, the data now does not belong to the users, to whom it belongs. Project Galaxy endeavours to resolve this issue by using an open and collaborative credential data network, which will help Web3 developers leverage credential data and NFTs to create better products and more engaging communities.

GAL is the native utility token of Project Galaxy. This is used for governance, paying application module fee, and making payments for other services provided by the network. As per the project document, holders of GAL tokens can control the amount of the platform fee collected by the protocol, and control funds held by the Project Galaxy Community Treasury.

As per CoinMarketCap, at present 35.16 million GAL tokens are in circulation compared to its total supply of 200 million tokens.

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