Singapore-based digital asset exchange Crypto.com is following in the footsteps of other top exchanges and listing a new Ethereum (ETH)-based altcoin focused on developing the Web3 space.
The project’s native token, GAL, just launched earlier this month and has seen its price plummet nearly 75% from an all-time high of $18.32 on May 6th to $4.71 at time of writing.
GAL is used for governance in the Project Galaxy decentralized autonomous organization (DAO). GAL token holders can set the platform fees collected by the protocol, and they control funds held by the Project Galaxy Community Treasury.
Binance and Coinbase both listed Project Galaxy earlier this month, each attaching a special label to the asset.
Coinbase added an experimental label to GAL, which it often does for new projects with lower trading volumes in order to warn investors about their potential volatility.
Binance listed the token in its “Innovation Zone,” a dedicated trading space for assets that could be more prone to rapid price swings.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Charming Decor Art/Natalia Siiatovskaia