GALA’s 270 percent surge to a new high is backed by an exchange listing and a move into NFTs and play-to-earn gaming.
Nonfungible tokens (NFTs) and play-to-earn gaming are two of the hottest trends in the crypto market because they both offer new ways to attract people, and the unique nature of each niche allows participants to make wealth rather than spending money to join the community.
Gala Games’ GALA token saw large increases after Binance announced plans to list the GALA token. Gala Games is a blockchain gaming startup that allows users to use their unique NFT characters in gameplay.
GALA’s price soared 270 percent to an intraday high of $0.077 on Sept. 13 after hitting a low of $0.021 on Sept. 12, according to data from Cointelegraph Markets Pro and TradingView. Its 24-hour trading volume also spiked.
The price breakout and abrupt surge in trading volume shortly after GALA launched on Binance, a phenomenon that has traditionally resulted in dramatic price changes.
GALA’s fundamentals are in its growing NFT ecosystem
The Binance listing helped kickstart the recent momentum for GALA, but the project has been steadily building its platform and gaining momentum for several months now as the NFT sector was booming.
On August 11, Gala Games successfully completed the first sale of VOX, the project’s main NFT offering, which sold out in less than eight minutes, despite issues with network congestion and high gas prices.
In addition to the VOX sale, Gala Games has released new updates for its popular Town Star game and the project has teased details about new games like Spidertanks.
With these latest moves, GALA could be attempting to follow the path laid out by other successful play-to-earn games like Axie Infinity, which has seen its highest priced Axies sell for 300 Ether (ETH) and Illuvium (ILV), which saw the price of its native ILV token surge from $33.30 to a high of $613 in less than three months with only a minimum viable product.