Gala Games Token Surges Amid Upcoming Ecosystem News
Date: 2024-09-24 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Gala Games token continues to rebound this week as demand for gaming cryptocurrencies has started to rise again. GALA token jumped to $0.0217, its highest since August 27 and 61% above its low this year. This perception increases the token’s market cap to over $859 million.
Gala Games’ rally is also supported by gains in other gaming tokens such as Immutable X, Beam, and Ronin, which have all increased by over 20% in the last week. This brings the total market cap of all gaming tokens tracked by CoinGecko to over $17.16 billion.
The events driving Gala’s growth also tie in with a recent post on X, where the developers hinted at a major announcement coming this week. While it’s hard to pinpoint exactly what it will be, previous announcements suggest it could be the launch of TREZ, a new token for Gala’s tap-to-earn ecosystem.
The developers mentioned earlier this year that their tap-to-earn ecosystem has already amassed over 3 million users playing games like GALACoin, Music Coin, and Treasure Tapper. Tap-to-ear games are becoming increasingly popular among users, and Gala is aiming to take a leading position in this space. Most existing games like Hamster Kombat, Notcoin, Catizen, and Avecoin use the TON blockchain developed by Telegram.
Tap-to-earn networks allow users to earn tokens simply by tapping a button on a widget or completing simple tasks like subscribing to an X account or watching a YouTube video. Users accumulate tokens and can cash them out during the airdrop. Projects like Catizen and Notcoin have already conducted their airdrops, with their tokens valued at $300 million and $786 million, respectively.
Gala token has reached a major resistance level after its price dropped to $0.0134 in August and then rose more than 60% to $0.021. It recently broke above the 50-day moving average and tested a key resistance point at $0.021, which is the highest level since August 25 and the base of the double-stretched pattern.
The relative strength and moving average convergence/divergence indicators continue to rise, indicating momentum. Thus, Gala is likely to continue its rally as bulls target the next key resistance point at $0.027, its highest since July 21.
