India ranks second in the world in terms of digital adoption and eleventh in crypto adoption. GALA cryptocurrency, interestingly, jumped almost 51,000 per cent in 2021.
New Delhi: 2021 was a good year for cryptocurrencies. The investment in these digital assets skyrocketed during the year. In India, 15 million investors placed a bet on the tokens totalling an investment of about $6.6 billion, according to media reports. Around 90 per cent of the retail investors in these tokens, in India, were added in 2021 itself, according to the latest report by Economic Times. People from non-metro cities showed an unprecedented interest in cryptocurrencies.
The report quoted a study published by Chainalysis in October 2021 saying, India ranks second in the world in terms of digital adoption and eleventh in crypto adoption. Here is a list of six cryptocurrencies that grew more than a whopping 10,000 per cent in 2021:
Gala (GALA)
GALA, an Ethereum token, powers a blockchain gaming platform, Gala Gaming. It can be used to pay for in-game items, according to coinbase’s website. This cryptocurrency grew by a scintillating 50,829 per cent, according to the report by Economic Times.
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Axie Infinity (AXS)
AXS is the governance token for the Axie infinity game. It is also an Ethereum token. This token allows the users to vote in the development of the game, according to ET. This coin grew by 18,666 per cent in 2021.
The Sandbox (SAND)
SAND is the native cryptocurrency of the gaming platform, The Sandbox. The rewards earned by the players can be redeemed using this cryptocurrency. It grew by 14,629 per cent in 2021. It costs around Rs 480, in India.
Polygon (MATIC)
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Matic is the native cryptocurrency of the Polygon network. Polygon helps Ethereum to become a multi-chain system without compromising the network’s security. MATIC jumped 12,817 per cent in 2021. It currently costs, Rs 201 in India.
Terra (LUNA)
LUNA is a token used as collateral on the payments network, Terra. The digital token also helps in fueling the network. It grew 11,558 per cent in 2021. Currently, it costs around Rs 7,765 in India.
Solana (SOL)
Also known as ‘Ethereum Killer’, Solana intends to create a decentralised application for digital transactions. It jumped 10,118 per cent in 2021. Currently, it costs around Rs 15,530 in India.
