GALA crypto price gains steam after new token burn news
Gala crypto price has been in a strong bullish trend in 2023, making it one of the best-performing cryptocurrencies in the industry. The token surged to a high of $0.054, which was about 250% from its lowest point in December.
Why Gala token is soaring
There are several reasons why GALA crypto has surged in the past few weeks. First, the developers announced a deal that will see the network partner with The Rock to produce two films. This is notable since The Rock is one of the best-known actors in the industry. He is also known for appearing in some of the top-selling movies. However, as we wrote here, Gala deleted the tweet making the announcement.
Second, Gala developers announced that they will incorporate mobile gaming in their ecosystem. This means that developers will be able to create games that can be downloaded from Android and iOS stores. As a result, they will have a large market considering that there are more than 5 billion smartphone users internationally.
Third, the most recent reason why Gala has surged is the new introduction of pay by burn approach. In a statement, the developers said that all purchases made in Gala’s ecosystem using the GALA token will see it get burned. When the Gala is burned it will be added to an emissions pool to be re-emitted through the Founders Nodes in the normal distribution.
A quick update on pay-by-burn of all $GALA on the platform from our President of Blockchain, @BitBenderBrink!
Winter is for building, and we have been busy! pic.twitter.com/UDbsznAt68
— Gala Games (@GoGalaGames) January 12, 2023
According to the developers, burning these tokens will help to provide more utility to the ecosystem. Meanwhile, the developers are working on the Meow Match, which is a major upgrade to the network. In the first quarter, they will onboard Meow Match to the Gala Platform, launch Cat NFTs, and transform all earned in-game cats into claimable NFTs. In the second quarter, the Meow NFTs will be upgraded to utilize cat NFTs.
Gala price prediction
The 4h chart shows that GALA price has been in an unstoppable bull run in the past few weeks. As it rose, it managed to move above the important resistance level at $0.050, which was the highest point on Monday. Gala has moved above the ascending triangle pattern and the 25-day and 50-day moving averages.
Notably, Gala is not yet in an overbought level. Therefore, there is a likelihood that the coin will continue soaring as buyers target the key resistance level at $0.060. A drop below the key support level at $0.050 will invalidate the bullish view
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