The Gala price has done relatively well in the past few days. GALA, its native token, is trading at $0.5160, which is about 40% above the lowest level last Saturday. This rebound means that the coin is only about 40% below the highest level on record.
Its market capitalization currently stands at $3.59 billion, according to CoinMarketCap. This makes it the 45th biggest cryptocurrency in the world. It is sandwiched between Monero and The Graph.
What is Gala Games?
The metaverse and gamification industries have made significant gains in the past few months. It is estimated that millions of people from around the world are now playing play-to-earn games. At the same time, the number of people participating in the metaverse and non-fungible tokens (NFT) industries is growing quickly.
Gala Games is at the intersection of games, the metaverse, and the NFT industry. The developers have created a platform that is partially owned and played by its community. If you play a game and win an item, you get to keep it. You can also use the NFT technology embedded in the network to sell it to other people.
Gala was started by Eric Schiermeyer, who was a co-founder of Zynga. Zynga is a leading gaming company that is valued at more than $7 billion.
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Today, there are several games in Gala’s ecosystem. There are Town Star, Spider Tanks, Echoes of Empire, Mirandus, and Fortified, among others.
The network has grown rapidly in the past few months. It has more than 1.3 million users from around the world. These users are highly active. For example, recently, a user spent about $3 million for an NFT piece. It has already sold more than 26k NFTs.
The Gala price has also jumped in anticipation of the GalaChain. This will be the main blockchain platform for the ecosystem.
Gala price prediction
The four-hour chart shows that the Gala price has been in an overall bullish trend in the past few months. It rose by more than 1,000% from early to late November. It was not alone. Other platforms like The Sandbox and Decentraland also rallied.
Recently, however, profit-taking has seen more people sell their Gala coins. It dropped by about 56% between November 26 and December 4th. Now, it is attempting to erase some of those losses. It has already moved to the 25-day and 50-day moving averages and the 38.2% retracement levels.
Therefore, there is a likelihood that the incoming Santa rally will see the coin continue the bullish trend in the coming days.