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- 1 Gala Games announced in the first week of June that they have successfully signed a partnership agreement with Epic Games.
- 2 Gala token slipped more than 2.50% intraday and around 7% weekly.
Gala token, the core utility token for Gala Games, lost more than 7.10% in one week. At press time, GALA/ US Dollar is trading at $0.023490; it opened trading at $0.023560 and lost around 3.45% in 10 July’s first half trading session.
In a month, GALA’s price reflected a steep decline of 9.84%, and as per TradingView’s technical indicators, the ongoing movement of the GALA token does not suit buying and holdings as it lost more than 42.20%.
As per data from CoinMarketCap, the average trading volume of Gala is $750.079K and has a market capitalization of $518.984 Million. In the 52-week range, the token’s highest trading price was $0.0727, and the lowest traded was at $0.0119.
Gala’s overall circulating supply is 21,624,341,073 tokens, around 43.25% of the maximum supply; as per data, the maximum supply of the token is 50,000,000,000. Regarding market capitalization, Gala holds the 74th position in the entire market. The utility token for the Gala community has the 61st position in the market regarding the 24-hour trading volume.
News Pushing Gala Prices to Sky
Gala Games announced in the first week of June that they have successfully signed a partnership agreement with Epic Games to launch their first game. The move to collaborate with Epic Games will ultimately help Gala and its community gain and attract more users and customers.
John W. Osvald Robotron, a lead developer at Gala Games, believes “This is a game that was love at first sight for them at Gala,” he added during the Galaverse event. “The movement they played, they started aiming to launch it on their platform.”
Analysts of the global market believe surging prices is the reflex action of the Gala burn in which the community aims to burn more and more Gala tokens that have not been used for a long time. To tackle the price drop, the community sends the tokens in the dead wallet to eradicate them from the circulating supply.
Earlier on May 17, 2023, the Gala community revealed it had reduced $27 Billion in tokens after completing the V2 token airdrop. They plan to burn around $2 Billion of its token by the end of 2023.
Data from Crunchbase shows that the Gala community raised $5 Million in funding from Venture and Series-A rounds. Puget Sound Venture Club is among the leading investors of this gaming company.
Earlier in January 2023, Gala acquired Ember Entertainment for an undisclosed amount. Ember is a United States-based game-developing company that raised $1.3 Million in a Venture round.
Since the beginning of 2023, the crypto market has been trudging out of the crypto winter; some tokens and coins are still struggling. Although the leader of all cryptocurrencies, Bitcoin began its new year with a special trading price.
Technical Level
Major Support: $0.020495 and $0.017252
Major Resistance: $0.030992 and $0.034235
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
