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GALA Hits 223% in Monthly Returns, Despite Dwayne 'The Rock' Johnson Confusion

Tue, 01/17/2023 - 14:08
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Gamza Khanzadaev
GALA token soars another 16%, monthly returns become absurd
GALA Hits 223% in Monthly Returns, Despite Dwayne 'The Rock' Johnson Confusion
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After a brief correction during the three preceding days, the price of token GALA began to grow again, and by the current moment, its price chart shows a 15% increase in price. Why again? Because GALA was up 208% since the beginning of January. The catalyst for the soaring price of the token was the announcement from Gala Games about co-producing films with Dwayne "The Rock" Johnson and Mark Wahlberg, famous Hollywood actors.

GALA to USD by CoinMarketCap

Nevertheless, the tweet about a collaboration with The Rock was then deleted, and the GALA quotes gave up 8% of their rise. Just a day later, they started rising again, gaining 30% and breaking through all possible price levels.

Gala (GALA) Surges 60% on Big News; Here's What to Know

GALA tokenomics tricks

While the status of Johnson's collaboration with Gala Games Studios remains a mystery, something else is pushing GALA's price upward nonetheless. Perhaps it is the latest Pay by Burn program, which automatically burns off 100% of tokens used for purchases.

However, on the other hand, any positive effect of burning is offset by the fact that every day, according to official tokenomics, 8.56 million GALA are unlocked.

Binance Delists GALA, But Not Quite, Here's What's Going on Here

Whatever the case may be, the fact remains that GALA is currently one of the most profitable tokens in the new year with an aggregate score of 223% in just the last two weeks. The token currently trades at $0.054 and has a market cap of just $375.84 million. But given GALA's daily unlockings, it is worth paying more attention to its fully diluted market cap of $1.9 billion.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.