What is Galeon crypto project & its native token?

Highlights 

• The GALEON crypto is native to the healthcare-focused and blockchain-powered Galeon project
• The GALEON token is very new at the moment, and most of its self-reported figures have yet to be verified
• GALEON is said to be listed on PancakeSwap, and the price was trading in the red as of writing

Blockchain technology is not just about Bitcoin, the cryptocurrency with the largest market cap and nearly 42 per cent dominance (in market cap terms) in the crypto world. Numerous projects are using blockchains’ distributed ledger systems to put power in the hands of users, which is what they term decentralization. This includes blockchain games like Gala Games and streaming projects like Audius.

Another project, Galeon, claims it can decentralize health services by using the peer-to-peer architecture of blockchain technology. Most projects including Gala Games, Audius, and Galeon have their own native cryptos that serve multiple purposes like payment of transaction fees and voting on the project’s governance.

Let’s know more about Galeon and its native crypto.

What is the Galeon cryptocurrency project?

The project talks about “organizing medical data”. Blockchain technology introduced a new way to store records, and Galeon seems to be using this to manage the records of patients. Besides, Galeon claims it can facilitate medical research in a manner that the users of Galeon decide on which research program to fund.

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The project describes itself as a decentralized autonomous organization, also dubbed DAO. In such an arrangement, users decide governance by staking their crypto holdings during the voting process.

Galeon claims global operations and support for research in health for non-profit projects. Galeon also mentions having raised over US$15 million in its initial coin offering (ICO).

GALEON crypto

GALEON serves as the native crypto of the project, which would play a key role in furthering the DAO aspect of Galeon. According to reports, the GALEON crypto is listed on PancakeSwap.

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GALEON crypto’s price

According to CoinMarketCap, the GALEON crypto had a market cap of nearly US$27 million as of writing, which, however, was self-reported by the project and had yet to be verified by CoinMarketCap. The GALEON crypto commanded a price of nearly U$0.024 as of writing, with the token having lost value over the past 24 hours.

Data provided by CoinMarketCap.com

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Viewpoint

Galeon may be working in the health sector, but since the project is very new, GALEON crypto’s price prediction is not possible. The project is claiming to provide a slew of services including recordkeeping on blockchain and medical research funding.

All this seems to be powered by the GALEON crypto that is native to the project. In the long term, a native token’s price movement might be a product of how the associated project performs. For example, Ether, which is native to Ethereum, might owe its price appreciation to the adoption of Ethereum’s blockchain. By this measure, the Galeon blockchain project and its GALEON coin remain a wait-and-watch thing.

That said, since GALEON has a very low market cap, crypto enthusiasts must exercise extreme caution. As of writing, GALEON could not make it to even the top 1,000 crypto assets by market cap.

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