On Friday, the price of the most prominent cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), both fell by more than 4%, which caused a significant decrease in the market for digital assets worldwide. Despite this, on-chain data reveals top whales have been heavily accumulating the GALA gaming token even during the market meltdown.
GALA Records Massive Whale Activity
According to WhaleStats, a major whale activity tracker, GALA is one of the top five altcoins that large wallet holders are more interested in purchasing and collecting for the long term. In the past twenty-four hours, there has been a considerable accumulation of whales, which normally indicates that there is a prospect of an increase in price for the cryptocurrency as a result of the emergence of bullish technical signs or as a consequence of a significant event.
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Following a precipitous 8.5% intraday decline that pushed the price of Gala down to $0.04, the cryptocurrency has remained relatively high for the last thirty days at 66%. The recent growth in popularity of crypto gaming, such as Axie Infinity and others, is likely to be a contributing factor in the price increase. And, not just GALA, but also a number of other game-based cryptocurrencies, such as Apecoin, ImmutableX and Sandbox, have all seen great growth in the past week as well as over the course of the past few months.
Rise In Crypto Gaming
Game producers, gamers, and investors now have more options thanks to Web3 and its cutting-edge blockchain applications. With Web3 gaming tokens, game designers can build unique digital goods, popularly known as NFTs, that players can acquire, trade and own. Since players can now possess physical assets that have value outside of the game itself, developers are using these tokens to open up a new channel for community participation and revenue inside the gaming industry.
Launched back in 2020, the decentralized environment of Gala Games enables players in giving them the control they rightfully feel they should have. Decentralization gives players the opportunity to have a voice in the development of the Gala Games road map, in addition to giving them ownership of the in-game things they have earned. As things currently stand, the price of Gala (GALA) moved to $0.044 at the time of composition. And, according to the crypto market tracker published by CoinMarketCap, this results in a growth of 2% over the past 24 hours, in contrast to a decline of 7.8% over the last seven days.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/whales-are-buying-this-crypto-100-rally/