In this article we look at the latest news and price analysis of the crypto Gala, Wojak and Eos.
What does the cryptocurrency market have in store for us today? Are these three tokens part of important projects and are they worth watching on the speculative front?
All the details below.
Summary
The latest news on Gala (GALA), Wojak (WOJAK) and Eos (EOS) cryptocurrencies
Starting with Gala, the blockchain gaming platform, the main news concerns the announcement of the launch of May Mayhem, an initiative to incentivize the use of the platform, in which users will be rewarded with additional rewards for participating in Gala Games throughout the month of May.
In particular, by completing the challenges within Gala, it will be possible to earn Meta Awards points that can be used to unlock exclusive NFTs from two highly anticipated games: Last Expedition and Dawn Fire.
As for Wojak, a memecoin created in the wake of Pepe’s success, there isn’t much relevant news, considering the project is based on cosmic nothingness and the token has no use whatsoever.
The only interesting thing to report is this latest tweet from Wojak’s official profile, expressing solidarity for his cousin Pepe against a failed Coinbase listing.
The tweet refers to the exchange as a criminal society that launders money from drug trafficking. How embarrassing for a crypto whose sole purpose is to make its founders rich!
Finally, speaking of Eos, it is worth mentioning that the project’s activity report will be published in April 2023.
Among the most interesting details in this report is, firstly, the launch of the EOS EVM version, which makes the software available for all current and future Antelope-based blockchains and makes it easy for application developers to run their own RPC nodes, rather than relying solely on ENF-managed nodes.
Also in April, Antelope Leap v4.0.0 was released, the latest version of the open source software that allows users to manage a node on Antelope’s blockchain networks as an EOS.
Price analysis of the cryptos Gala (GALA), Wojak (WOJAK) and Eos (EOS)
Let us now analyse the prices and future forecasts for the cryptos GALA, WOJAK and EOS.
Let’s start with the assumption that GALA and EOS, as questionable as they are in terms of tokenomics, have a concrete project behind them, whereas WOJAK is just a token of a speculative nature based on the ‘power of the community’, i.e. the ability of its followers to ‘shill’ the cryptocurrency to the world to make it as well known as possible.
However, all three cryptos are showing a chilling price action, with prices 80-90% off their all-time highs.
This is because none of the tokens in question have been valued on the tokenomics side, so users have no incentive to hold them in their portfolios when there is no real utility and no visible benefit.
Turning to the pricing in detail, we see that GALA has a current price of $0.029 per token with a market cap of $206 million and volume in the last 24 hours of $247 million (120% of market cap).
The token suffers from high inflation, with only 20% of the total supply in circulation.
GALA’s ATH is at $0.84, a particularly difficult zone to reach for a token used within a gaming ecosystem: those who bought at that price will probably never see those levels again.
EOS is in a similar situation to GALA, but with more history available to judge this coin’s failure.
Born in 2017 during the ICO bubble, it became very famous given the hype at the time, to the point of being dubbed the “Ethereum killer”.
The fact is that 5 years later EOS has lost more than 95% of its value since ATH.
It is currently trading at $0.90 with a capitalisation of $985 million and a volume of $130 million in the last 24 hours.
EOS is now a dead token from a speculative point of view, given that it is priced below its 2018 high in the 2021 bull run.
Finally, as far as WOJAK is concerned, the history we have is definitely more marginal, as the memecoin was born on 18th April 2023.
WOJAK immediately managed to attract the attention of the markets, given the success of PEPE and other meme-based tokens at this very moment in history.
However, it seems that this crypto has already reached the peak of its expansion, hitting a high of $0.000065 on the 5th of May and falling 80% from that value in just 6 trading days.
WOJAK currently has a price of $0.00000011, a market cap of $15 million and a volume of $11 million over the last 24 hours.
The only positive is that all the supply has already been released into the market and with such a small market cap, the token can easily grow, even though it is a crypto with a very high risk of extinction.
Wojak and the Memecoin trend
Wojak has become very popular at the same time as the absurd rise in popularity and price of PEPE, which is currently listed on major cryptocurrency exchanges.
The token is inspired by the Wojak meme, an MS Paint illustration showing the face of a man with a melancholic expression, but modified with a green colouring that conceptually echoes the Pepe universe.
This type of meme has often been used in social crypto circles to depict situations in which a trader suffers large losses from trading activities, as is often the case in reality when newcomers to the markets try their hand.
The WOJAK token could disappear at any moment, given the futility of the project and its predisposition to be a purely speculative cryptocurrency, but it could appreciate in the future if the Memecoin trend continues.
Far from being used to build long-term investment portfolios, it could be a very risky solution to increase liquidity in the very short term.
A bit of trivia to note: Lookonchain’s Twitter profile on 5th May pointed out that an individual who made $7.5 million in the past through SHIBH bought several bags of Memecoin including the names Pepe, Wojak, Afy, Dione, Dmtr and Vai.
This address bought the Wojak token on 2 May at virtually all-time highs, and despite the large loss, still holds the cryptocurrency.
Usually, following the movements of whales and individuals with large amounts of capital can prove to be the right move to catch the altcoin of the moment.
However, there is no way of knowing if this is smart money or an individual who has made a bad choice and will end up selling WOJAK at a loss.
Always do your research, diversify your portfolio with assets of intrinsic value and always consider buying memecoin as a gamble rather than an investment.
