Amid a significant upswing in the GameFi industry, the recent launch of GalaSwap DEX has contributed to the GALA price increase.
In the last two days, GALA, the native cryptocurrency of Gala Games, has increased by an astounding 100% amidst a significant upswing in the GameFi industry.
With a market cap of more than $2.072 billion, GALA is trading at $0.07062 at press time.
However, in less than a week, the market cap of GALA has increased by over $1 billion.
Will The GALA Price Rise Persist?
Indicators and recent price movements suggest that GALA is gaining significant traction and is positioning itself as a leading performer among the top 100 cryptocurrencies.
However, the current bullish momentum seems to be in its beginning phase, indicating that GALA may maintain its ascent for a considerable period, notwithstanding overbought conditions indicated by indicators such as the relative strength index (RSI).
What is particularly remarkable about GALA’s current status is that it is still 90% behind its all-time high (ATH) of $0.8248, which was reached in November 2021.
The notable disparity indicates substantial potential for additional ascent over an extended period.
Furthermore, GALA recently underwent a golden cross, signifying a reversal of its bullish trend, as its 30-day moving average surpassed its 200-day average.
Observed only a few weeks ago, this bullish signal has the potential to fuel sustained growth in the future weeks and possibly beyond.
Meanwhile, Gala Games has experienced significant progress in recent weeks, most notably the introduction of GalaSwap DEX towards the end of the previous month.
Moreover, various enhancements implemented in the previous week have substantially bolstered its expanding adoption.
The implementation of GalaSwap DEX has significantly increased the usage of Gala.
Following this launch, the platform, which was already well-known as a decentralized media and gaming center, has witnessed a significant increase in activity.
GameFi Sector Rally
The GameFi sector has exhibited remarkable expansion, surpassing the overall cryptocurrency market in terms of percentage growth.
According to CoinGecko, the current aggregate worth of web3 gaming tokens is $32.7 billion.
However, GameFi tokens, including FLOKI, have experienced a significant increase of 3% in value.
FLOKI, which has risen by 21% over the last 24 hours, functions as the principal utility token in the Floki ecosystem.
Moreover, it enables holders to participate in decision-making processes and facilitates transactions, rewards, and governance functions.
In the past thirty days, the GameFi industry as a whole has witnessed significant expansion: Gala has increased in value by 200%, The Sandbox’s Sand token by 65%, and Axie Infinity’s AXS by 65%.
