GALA Cryptocurrency The native token of Gala Games, a platform for gaming on the blockchain, has grown dramatically in recent days. GalaGames’ extensive token burning program, significant development plans in 2023, including plans to become a Layer 1 blockchain that also supports GALA token burning, along with favorable market conditions, are the main factors behind the rapid rise in GALA’s price.
According to Mihan Blockchain and quoted by Youtoday, Gala Token seems to have started the new year strong after a difficult 2022, during which the price of GALA dropped by about 96%. After months of continuous price decline, the value of the Gala token hit a bottom of $0.0154 on December 30, and after that, the price of this cryptocurrency began to recover. The Gala token has spent 6 of the first 7 days of 2023 with an increase in price. The price of Gala started its upward trend from the price of $0.018 in the last hours of January 6 (Dec 16), and over the last three days, its price has increased by more than 100% and reached $0.038.
This dramatic price growth was triggered by a tweet from GalaGames, who voted to burn 100% of the tokens spent on purchases on the platform.
Of course, this significant price growth is not unique to Gala, and the improvement of the general market conditions has also intensified the upward momentum of Gala. Interest in gaming and metaverse tokens seems to be reviving, and the prices of tokens related to these areas such as Dicentraland (MANA) and Sandbox (SAND) have increased by 28% and 25% respectively during the same period. Other positive factors may have contributed to the significant price growth of the Gala token, which we will examine in more detail below.
Reasons for the growth of the GALA token price
Fundamental conditions for GALA cryptocurrency seem favorable. By looking at the official account of the Gala Games platform on Twitter, you can see Plans for this platform to expand in 2023 Was informed. According to a screenshot from Discord Gala Games, 15 new mobile games are being evaluated for release on the platform. Gala Games has also announced that it has acquired one of the mobile gaming studios with more than 20 million users.
The community of Gala users also burn tokens 100% of galas spent on purchases from its platform have voted and “Burn It All” mottomeaning “burn it all”, has become a kind of meme among the community of GALA users and holders.
Gala Games is also developing a layer one blockchain that will use the GALA token as its fee. In this blockchain, 50% of the collected fee is burned And the rest of the fees will be distributed among the founders, holders of nodes and partners of this ecosystem.
On the other hand, the Gala token has crossed the resistance at the 50-day moving average, which indicated the price level of $0.022. This price level had prevented the price of this cryptocurrency from increasing since the beginning of November 2022 (Aban 1401). Crossing this barrier can enable further price increases. Gala token price has also passed the 200-day moving average at $0.04 and if the upward trend continues, the next target is $0.048.