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GALA Skyrockets 140% During Week as Games and NFT Coins Rally CryptoGlobe

It has been a green year for cryptocurrencies so far.

Broader crypto market cap soared 6.7% to $884 billion year-to-date, data shows CoinGecko.

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

GALA, the native token that powers Gala’s crypto gaming ecosystem, has grown 139.8% over the past week and is the top gainer among the top 100 cryptocurrencies by market capitalization, according to data from CoinGecko.

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

Despite GALA’s raging 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 coin glassGALA futures positions totaling $31.82 million were liquidated over the past week.

Of these liquidations, around 25% were long positions, with the rest coming from blowout short trades.

Clearance data for GALA. Source: coin glass.

APE, the token that underpins the main NFT collection Bored Ape Yacht Club and its upcoming Otherside metaverse platform, has also gained 23.5% over the past seven days.

As of this writing, APE is trading at $4.87, up 4.2% in the past 24 hours, according to data from CoinGecko.

According to data from CryptoslamBored Ape Yacht Club (BAYC) NFT trading volume soared 32.38% to $18.061 million, topping the list of most traded NFTs over the past week.

After BAYC, Mutant Ape Yacht Club, another NFT collection adjacent to Apecoin, saw a whopping 60.75% increase in trading volume to $13.310 million during the same period.

NFT volumes push GALA, gaming tokens

Beyond GALA and APE, other gaming-adjacent crypto projects have also seen some serious gains over the past seven days.

MANA, the token behind metaverse game Decentraland, is up 29% to $0.40 over the past week, according to data from CoinGecko.

The bullish week was enough to reverse MANA’s monthly losses. On a yearly note, however, MANA is still down 89%.

Sandbox also saw its native token SAND gain 26.5% over the same period. At press time, SAND is trading at around $0.51, down 0.5% on a daily basis according to data from CoinGecko.

The primary driver for the upward price action of most of these gaming and NFT-related tokens is the surge in NFT trading volumes over the past week.

According to data from CryptoslamNFT trading volume increased by 31.56% to $207.358 million over 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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