Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
What do you think, $GALA community. Do we burn 100% of $GALA used in purchases on the platform?
— Gala Games (@GoGalaGames) January 6, 2023
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.
U.Today Editorial Team
Dan Burgin
