- The price of GALA has experienced a 70% gain in 24 hours.
- GALA surged with the launch of a new collaboration with Dwayne Johnson and Mark Wahlberg.Â
- Gala Games also works on a Layer-1 blockchain that uses $Gala for gas fees.
- The recent growth for Gala is a huge improvement after it struggled to gain price stability in 2022.
GALA has enjoyed an impressive price rally in 24 hours, which resulted in massive attention from cryptocurrency enthusiasts. The token currently trades at $0.04052 after gaining more than 70% in the last 24 hours, according to CoinMarketCap.
Possible Reasons Behind the Sudden Increase
The sudden price rally of GALA coincided with the announcement of the development of two films featuring Hollywood stars Dwayne Johnson and Mark Wahlberg.
Just a little bit of information regarding our ongoing work with @TheRock and @markwahlberg.$GALA is the gas token in @GoGalaFilms and @GoGalaMusic as well! pic.twitter.com/u9fdXoNte1
— Gala Games (@GoGalaGames) January 9, 2023
Gala Games is working on a Layer-1 blockchain that will utilize the $Gala for gas fees. However, there are plans to burn about 50% of GALA generated as gas fees. The plan includes redistribution to developers, node owners, and ecosystem partners.
Other factors contributed to the recent rally of $GALA. Since the start of the year, the Twitter handle of Gala Games has been more active, giving community members insights into its expansion for the year.
A recent screenshot of a Discord conversation on the page revealed that about 15 mobile games are under review by the Gala Games team for onboarding. Also, the team announced the acquisition of a mobile gaming studio with about 20 million users.
Do you want to know more about $GALA's pivot to include mobile gamers from across the industry? Here is a writeup from our CEO on exactly that!
— Gala Games (@GoGalaGames) January 8, 2023
More news incoming soon! Join our Discord at https://t.co/qSszqarMri! pic.twitter.com/0Qa8sMnXz1
A Year to Forget for Gala Games
The recent growth represents a massive comeback for $Gala after struggling to gain price stability in 2022. Last year, the struggles of the token came into play due to the decreasing popularity of play-to-earn games, the general downturn of cryptocurrency prices, and factors directly related to the token.Â
At the height of its struggles in 2022, GALA plummeted by 25% within 130 minutes in November. Within that period, the coin dropped from $0.0394 to $0.0293. The sharp deterioration emanated after a single wallet produced about $2 billion $Gala out of thin air. Consequently, the development triggered fears about hack or rug pull in the crypto community.
Sponsored
Presently, the token is enjoying a $1,201,726,043 trading volume, up 820% in 24 hours. Further, the fully diluted market cap of the token is at $1,343,963,165 billion, with a circulating supply of 6,977,205,436 GALA.
On the Flipside
- Speculative traders took advantage of the exploit on the GALA token in the PancakeSwap pool last year, with one trader making $6.5 million.
1/ A SmartMoney arbitrage of nearly $6.5M in the $GALA attacking event, even more than the attacker's profit.
— Lookonchain (@lookonchain) November 4, 2022
Just 20 minutes after the attacker dumped, he started buying $GALA from the #PancakeSwap pool.
He bought a total of 406.9M $GALA, the cost is only $120,380. pic.twitter.com/eW5IvOw2d8
Why You Should Care
With Bitcoin recently breaking the $17k range, speculations are growing about Altcoins. There were substantial increases in the prices of SOL and ADA, while GALA had an increase of more than 70%.
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