What happened
The value of cryptocurrency Gala (GALA -0.21%) popped as much as 21.9% in trading over the last 24 hours as of 5 p.m. ET after Gala Games announced Galaverse in June.
So what
Gala Games announced that Galaverse will happen between June 6 and June 8 in Copenhagen, Denmark. At the last event in Las Vegas this past December, new projects like Last Expedition, Legacy, and The Walking Dead: Empires were announced. It's easy to speculate that more will be announced in June.
Image source: Getty Images.
Anyone looking at cryptocurrency prices today will also see that valuations have risen sharply across the board. Gala is up more than most cryptocurrencies, but it's also a $2.4 billion market cap cryptocurrency that's likely to be volatile on even the smallest news. And with $1.9 billion worth of volume today, there's a lot of speculation trading hands.
Now what
The announcement today was really just about an event, so this is a lot of speculation for an event. But this does follow last week's announcement of a $5 billion effort to grow in non-fungible tokens (NFTs) for everything from gaming to theme parks. If the effort is successful, this could be a big cryptocurrency, but there are a lot of cryptocurrencies vying for dominance in NFTs and the metaverse, so competition will be fierce.