A metaverse coin popular with Turkish investors has gained over 30% in the last 24 hours for two possible reasons. The rally gets stronger during the hours when Bitcoin is also green.
Multiple metaverse coins rise in double digits on January 7
According to CMC data, metaverse projects such as SAND, MANA and AXS are among the coins that have gained the most value today. However, Gala Games (GALA), ranked 128th by market value, was the leading player of the day. GALA price has risen 33% at one point in the last 24 hours, reaching the second position on the green board.
Despite the 30% rally of the day, the GALA price is still light years away from the ATH level. The Metaverse coin has lost 97% of its value since its November 2021 peak and remains bearish. Interacting with the community on price, the GALA team conducted a Twitter poll yesterday for a possible token burn event. This was the first of the sparks behind the rally.
Why is the GALA price rising?
Token burning news has always had an impact on the price. The Gala team also organized an ankar on Twitter yesterday for such an event. “Shall we burn 100% of GALA used in platform purchases?” The question received an overwhelming 90% yes answer.
On the other hand, a quick glance at Gala Games’ Twitter account reveals the project team’s growth plans for 2023. It also recently appeared in a small news about mobile games coming to the platform. According to a screenshot of a Discord conversation that Gala posted on her Twitter account, 15 mobile games are being considered for participation. Additionally, Gala Games recently announced that it has acquired a mobile game studio with more than 20 million users. Hot developments, one after another, are helping the Gala price reach the falling trendline stretching back to 2021.
Meanwhile, after multi-month price declines, GALA hit a low of $0.0154 on Dec. 30. In the first days of the new year, the price completed six of the seven days in green. The daily candle of December 6 was the biggest day when the price jumped from the low of $0.017 to $0.025.
Behind the price increase are the above game improvements and token burning plans. The GALA community supported the burning of 100% of the GALA tokens used in purchases on the platform. Gala Games is also developing a Layer-1 Blockchain where the GALA token will be used as gas. 50% of the gas fees collected here will be burned. The rest will be redistributed to founders, node operators and ecosystem partners. Meanwhile, cryptocoin.comAs we reported, GALA was recently delisted from Binance.