GALA rises 140% during the week as game, NFT Coins Rally

GALA rises 140% during the week as game, NFT Coins Rally

So far, it has been a green year for cryptocurrencies.

The broader crypto market capitalization has zoomed 6.7% to $884 billion since the start of the year, according to data from CoinGecko.

Gaming and NFT-related cryptocurrencies, including Gala (GALA), Decentraland (MANA), Apecoin (APE) and The Sandbox (SAND), are no exception and have posted large double-digit gains over the past week.

GALA, the original token that powers Gala’s cryptogaming ecosystem, has risen a whopping 139.8% in the past week and is the leading gainer among the top 100 cryptocurrencies by market capitalization, according to data from CoinGecko.

At press time, GALA is trading hands at $0.042, up 13% in the last 24 hours, and is the 98th largest cryptocurrency by market capitalization.

Despite GALA’s furious weekly gains, the gaming crypto is still down 94.8% from its all-time high of $0.8248 recorded in November 2021.

According to data from CoinglassGALA futures positions totaling $31.82 million have been liquidated in the past week.

Of these liquidations, approximately 25% were long positions, while the remainder came from blown short trades.

Liquidation data for GALA. Source: Coinglass.

APE, the token underlying the leading NFT pool Bored Ape Yacht Club and its upcoming metaverse platform Otherside, has also gained 23.5% over the past seven days.

At the time of writing, APE is trading at $4.87, up 4.2% in the last 24 hours, per data from CoinGecko.

According to data from Crypto slimeBored Ape Yacht Club (BAYC) NFT trading volume surged 32.38% to $18.061 million, topping the most traded NFT list in the past week.

Following BAYC is Mutant Ape Yacht Club, another Apecoin-adjacent NFT pool that saw a massive 60.75% increase in trading volume to $13.310 million over the same period.

NFT volumes push GALA, gaming tokens

Looking past GALA and APE, other crypto projects besides gaming have also made serious gains over the past seven days.

MANA, the token behind the metaverse game Decentraland, has risen 29% to $0.40 in the past week, according to data from CoinGecko.

The bullish week has been enough to reverse MANA’s monthly losses. On an annual basis, however, MANA is still down 89%.

The sandbox has also seen its native token SAND increase by 26.5% in the same period. At press time, SAND is trading at around $0.51, down 0.5% on the day per data from CoinGecko.

The primary driver behind the price increase of most of these gaming and NFT-related tokens is the increase in NFT trading volumes over the past week.

According to data from Cryptoslam, NFT trading volume increased 31.56% to $207.358 million in the past week.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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