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An exchange listing and a foray into NFTs and play-to-earn gaming back GALA’s 270% rally to a new high.
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ALTCOIN WATCH
Nonfungible tokens (NFTs) and play-to-earn gaming are two of the hottest trends in the crypto sector because each presents new avenues for attracting users and the unique character of each niche allows participants to generate wealth rather than having to spend money to become a part of the community.
Gala Games, a blockchain-gaming-focused project that allows users to use their unique NFT characters in gameplay, saw its GALA token etch out significant gains after Binance announced plans to list the GALA token.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.021 on Sept. 12, the price of GALA catapulted 270% to an intraday high at $0.077 on Sept. 13 as its 24-hour trading volume skyrocketed.
GALA/USDT 4-hour chart. Source: TradingView
The sudden burst in trading volume and the price breakout shortly after GALA listed on Binance, a development that has historically led to rapid price movements.
Related: NFT space is an exciting challenge to remain competitive, says Sean Kelly
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.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
