GALA, the token of the Gala gaming and entertainment ecosystem, skyrocketed in price Tuesday following the launch of GalaSwap, a decentralized exchange (DEX) running on the new layer-1 GalaChain network that offers rewards to traders.
According to data from CoinGecko, GALA jumped from a price of about $0.033 before the news was announced Tuesday morning to a recent high of $0.042 six hours later, marking a 27% rise in that span. As of this writing, the price has settled to just above $0.039, still representing a 17% climb over the past 24 hours.
Tuesday’s high price represents a 10-month peak for GALA, which last popped above the $0.04 level back in April 2023. GALA is now up almost 70% over the past 30 days, though it remains down substantially from its all-time peak of $0.82 set in 2021.
GALA is one of many gaming tokens that have seen substantial jumps in recent weeks as the broader cryptocurrency market recovers. Bitcoin’s recent gains, which culminated in topping a price of $61,000 on Wednesday morning for the first time since 2021, has helped propel other gaming tokens as well.
The IMX token of the Immutable gaming network, for example, is up 76% over the past month and has entered the top 25 overall cryptocurrencies by market cap according to CoinGecko. The BEAM gaming token is up 95% over the past 30 days, as well, while the Illuvium game’s ILV token has climbed 68% in the same span.
In the case of GALA, however, the biggest jump came immediately after news that GalaSwap had launched, offering what the company says are fast, low-cost trades on its GalaChain layer-1 network. Furthermore, the DEX offers trading rewards for users, as well as referral incentives for bringing in additional users.
Gala is the publisher behind such games as Champions Arena and Legacy, and also operates music and film divisions.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
