What's In Your Wallet
GALA Token Soars 140% Amid Gaming and NFT Boom
Gaming and NFT-related coins, such as GALA, are leading the charge in this week’s surge as interest in NFTs continues to increase.
The value of several cryptocurrencies has increased thus far in 2018 including GALA token.
According to data, the total market value of cryptocurrencies as a whole has increased by 6.7% since the beginning of the year to reach $884 billion.
Gala (GALA), Decentraland (MANA), Apecoin (APE), and The Sandbox (SAND), along with other gaming and NFT-related cryptocurrencies, have not been an exception and have registered considerable increases in the double digits over the course of the last week.
According to statistics, GALA, the native token that powers Gala’s crypto gaming environment, has increased in value by a staggering 139.8% over the course of the previous week, making it the biggest gainer among the top 100 cryptocurrencies in terms of market capitalization.
At the time of publication, the price of GALA is $0.042, an increase of 13% over the previous 24 hours. Based on market capitalization, GALA is the 98th biggest cryptocurrency.
Despite GALA’s meteoric weekly increases, the gaming cryptocurrency is still trading at a level that is 94.8% lower than its all-time historical high, which was established in November 2021 and stood at $0.8248.
According to data provided by Coinglass, during the course of the past week, GALA futures contracts with a total value of $31.82 million have been liquidated.
Roughly one-quarter of such liquidations involved bullish bets, while the remaining three quarters were blown-out short transactions.
APE, the token that supports the leading NFT collection Bored Ape Yacht Club as well as its soon-to-be-released metaverse platform Otherside, has also increased by 23.5% over the previous week.
The current price of APE on exchanges is $4.87, representing an increase of 4.2% over the course of the previous twenty-four hours.
According to information provided by Cryptoslam, the volume of non-fungible token (NFT) trading for Bored Ape Yacht Club (BAYC) increased by 32.38% to a total of $18.061 million, placing it atop the list of the most-traded non-fungible tokens during the last week.
The next NFT collection in line is called Mutant Ape Yacht Club, and it is also related to Apecoin. Its trading volume increased by an astounding 60.75 percent, reaching $13.310 million within the same time period as BAYC.
NFT volumes drive GALA and other gaming tokens higher.
If we go beyond GALA and APE token, we can see that other gaming-related cryptocurrency projects have also achieved significant gains over the course of the previous week.
According to statistics provided by CoinGecko, the price of MANA, the token that powers the metaverse game Decentraland, has increased by 29% over the previous week to reach $0.40.
The bullish week was sufficient to offset the monthly losses that MANA had incurred. On the other hand, MANA has nevertheless lost 89% of its value over the past year.
In addition, Sandbox’s native token, SAND, has increased in value by 26.5% during the same time period. According to data provided by CoinGecko, the price of SAND is now trading at about $0.51, reflecting a decline of 0.5% from the beginning of the day.
The significant increase in the amount of NFT trades that have occurred over the course of the last week is the key factor that has been responsible for the higher price movement of the majority of these gaming and NFT-linked tokens.
Over the course of the previous week, the volume of trade in NFTs rose by 31.56% to a total of $207.358 million.
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