GALA, the native token that powers Gala Games, a platform for blockchain gaming, was a top gainer among major cryptocurrencies as its price suddenly shot up 33%. At the time of writing, some of the gains had eased, and GALA was up 26% at $0.026.
After a dull performance in 2022, GALA seems to be kicking off the new year with impressive price action.
Following months of steady price declines, GALA hit a base of $0.0154 on Dec. 30, from where the price initiated a recovery. Since 2023's start, GALA has seen six out of seven days in green. The Dec. 6 daily candlestick was the biggest as the price jumped from intraday lows of $0.017 to as high as $0.025.
While interest in gaming and metaverse tokens seems to be reviving, related tokens such as Decentraland (MANA) and Sandbox (SAND) were enjoying gains of as much as 12% at the time of writing. Other positive factors might have contributed to GALA's spectacular price gain.
Why is GALA on rise?
A glance through the official Twitter handle of the Gala Games platform reveals ongoing discussions for its expansion in 2023.
According to a screenshot of a Discord conversation posted, 15 mobile games are being evaluated to be onboarded. Gala Games also announced that it has acquired a mobile gaming studio with over 20 million users.
The GALA community is also pushing for "complete burns," which are 100% of the GALA tokens used in purchases on the platform.
Gala Games is also developing a Layer-1 blockchain that will use the GALA token as gas; 50% of the gas collected will be burned, and the rest will be redistributed to founders, node owners and ecosystem partners.
On the upside, GALA has crossed above the $0.022 barrier at the daily MA 50, which has constrained its price action since early November 2022. A sustained break above this barrier might trigger further upside moves. In this scenario, GALA might target the daily MA 200 at $0.04 and then the $0.048 level next.