GALA increases by 140% during week-long NFT rally
GALA was the top gainer among the NFT rally that started last week and was last seen changing hands at $0.042.
After an exciting start to the year, there were double-digit gains in the last week among games and non-fungible tokens (NFT)-linked digital currencies. Key tokens to experience an early 2023 rally include Gala (GALA), Apecoin (APE), Decentraland (MANA) and The Sandbox (SAND).
According to data from CoinGecko, the overall crypto market capitalization is up 6.7% to $884 billion since the turn of the year. For now, this momentum shows no signs of slowing down anytime soon.
As it stands, NFT trading volume has seen a significant uptick in the past week, increasing 31.56% to $207.358 million.
GALA is the current rally leader among the top 100 digital currencies by market capitalization, up 140% since last week. As of press time, the original token that powers Gala’s cryptogaming ecosystem changed hands at $0.042. This development also represents a value increase of 13% in the last 24 hours. As it stands, GALA is the 98th largest digital currency by market capitalization. However, despite the crypto’s commendable weekly gains, it is still down 94.8% from its all-time high of $0.8248 last November.
Coinglass reports that GALA futures positions, amounting to $31.82 million, have been liquidated in the past week. Furthermore, about a quarter of these liquidations were long positions, while blown short trades made up the remainder.
Beyond GALA, BAYC, other popular NFT gatherings also take up week-long rally
Bored Ape Yacht Club (BAYC) which underpins the token APE and its upcoming metaverse initiative Otherside has also climbed 23.5% in the past week. For example, as of press time, Apecoin is changing hands at $4.87, representing a 4.2% increase over the last 24 hours.
Meanwhile, Bored Ape NFT trading volume has surged 32.38% in the past seven days to peak at $18.061 million. This increase in value was enough to cement BAYC’s position at the top of the most traded NFTs over the past week.
Hot on the heels of the recent BAYC rally is another Apecoin-related NFT collection, Mutant Ape Yacht Club. This NFT collection increased by 60.75% in trading volume in the last week to $13.310 million.
Beyond GALA and APE’s week-long nuclear surge in value, many other gaming-adjacent crypto projects also saw serious gains during the same period. For example, the Decentraland-backing token MANA rose 29% to $0.40 in the last seven days. This bullish development also reversed MANA’s monthly losses, although the coin is still down 89% year-to-date.
The sandbox’s native SAND token was up 26.5% over the same period, but at press time was trading down 0.5% on the day. The current price of SAND is around $0.51.
Increase in NFT trading volume Will continue?
The recent positive developments in the trading of NFTs should come as a welcome relief to investors and observers. Furthermore, confidence in many of these market participants should be high in hopes of a sustained rally. Throughout much of last year, the crypto market wallowed in the pits as contagion killed most bullish run attempts. But as the 2023 market continues, the crypto market is proving that while it may be down, it’s not out.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the basics so anyone anywhere can understand without too much background knowledge. When he is not deep into crypto stories, Tolu likes music, loves to sing and is an avid movie buff.
