Friday’s price drop of more than 4% in the most popular cryptocurrencies, Ethereum (ETH) and Bitcoin (BTC), caused a significant drop in the global market for digital assets. On-chain data shows that top whales have been accumulating the GALA gaming token throughout the market meltdown.
GALA Records Massive Whale Activity
WhaleStats, a leading whale activity tracker, has identified GALA as one of the top five altcoins large wallet holders are more likely to be interested in long-term purchases and collecting. The accumulation of whales over the last 24 hours indicates that the cryptocurrency is likely to see an increase in price due to bullish technical signs, or as a result a significant event.

Advertisement

Read more: Check out the Top 10 DeFi Loan Platforms of 2023
The price of Gala fell 8.5% in the intraday, pushing it down to $0.04. However, the cryptocurrency has remained high for the past 30 days at 66%. The price rise is likely to be due to the recent popularity of crypto gaming such as AxieInfinity and others. GALA is not the only cryptocurrency that has seen significant growth over the past week, but also several other game-based cryptocurrencies like ImmutableX, Apecoin, and Sandbox.
Rise In Crypto Gaming
Web3 and its cutting-edge Blockchain applications offer more options for game producers, gamers, investors, and both investors. Web3 gaming tokens allow game designers to create unique digital goods that players can trade, acquire, and own. Developers are now able to create physical assets that players can use outside of the game. This opens up a new avenue for revenue generation and community participation within the gaming industry.
Trending Stories

Advertisement

Gala Games’ decentralized environment was launched in 2020. It gives players the freedom and control they deserve. Decentralization allows players to have a voice in developing the Gala Games roadmap and gives them ownership over the in-game items they have earned. At the time of writing, the price for Gala (GALA), was $0.044. According to CoinMarketCap’s crypto market tracker, this represents a 2% increase in the price of Gala (GALA) over the past 24hrs, compared to a 7.8% decline over the previous seven days.
Also read: Are these tokens the future of crypto gaming in 2023?

About the author
Disclaimer

The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all