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Gala, the native token that powers Gala Games, a blockchain gaming company, has been on an absolute tear. Santiment, an on-chain analytics firm, notes that its market cap has nearly tripled since the beginning of 2023 as it reenters the top 100 largest cryptocurrencies.
🐳 Amongst the many surging #altcoins in 2023, $GALA has been making a tremendous run. The price of the #Ethereum-based asset is up +194% since December 30th, and has exceed $0.048 for the first time since mid-September, backed by big whale transactions. https://t.co/Oe7XYd88gq pic.twitter.com/sFnvvPhkOv
— Santiment (@santimentfeed) January 9, 2023
Gala ranks as the 90th largest cryptocurrency with a market capitalization of over $299 million. Apart from the slew of positive news the ecosystem has received since the start of 2023, Santiment notes that "whales," or "large holders," have pushed up the GALA price.
It was noted that the number of GALA transactions exceeding $100,000 has returned to a two-month high as whale transactions drive up prices.
"Amongst the many surging altcoins in 2023, GALA has been making a tremendous run. The price of the Ethereum-based asset is up +194% since December 30 and has exceeded $0.048 for the first time since mid-September, backed by big whale transactions," Santiment analysts wrote in a tweet.
GALA remains a top gainer among the top 100 as it is up 145% weekly. Its price has surged to highs of $0.051, last seen in September 2022. At the time of publication, GALA was up 15% in the last 24 hours at $0.043.
Ecosystem receives positive news
On its official Twitter handle, Gala reveals further advancements for its ecosystem. It shared the details of its latest acquisition, Ember Entertainment. Also, some games, starting with Dragon Strike and Meow Match, will be integrated with its L1 blockchain and use GALA as gas. Likewise, it hints at the broadening of its focus on mobile gaming.
Gala will be the token that powers TownStar Game, and TOWN tokens will be swapped for Gala at a 2:1 ratio.
In November, Gala Films announced its partnership with the production team of "Four Down" on an innovative financing and distribution deal for a feature-length documentary helmed by Emmy Award-winning filmmaker Steven Cantor. Gala teases "big news" incoming in this regard.