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Highlights
- GALA (GALA) is primarily a multi-blockchain gaming network to change the way users would want to play the game.
- Gala operates on the Proof-of-Work, Proof-of-Stake, and Proof-of-Storage consensus, and Gala aims to bring together all the elements of fun and ownership on the same platform.
- On Monday, GALA was trading at US$0.123990 with a 24-hour trading volume of US$26,32,55,682, according to CoinMarketCap.
It was a bloody Monday for the crypto market. On 9 May, the overall crypto market has been struggling for any form of positive mood, and increased sell-off by the market participants seems to be worsening the situation.
In fact, at the time of writing, the crypto market is already down by 4.80%, reducing it to US$1.51 trillion. Leading cryptos, such as Bitcoin, Ethereum, XRP, Cardano, etc., are getting severely dented by Monday's market movements.
GALA Games (GALA) is another token that bears seem to be in the firm grips of bear market. The GALA crypto is down by over 9% on Monday.
Also read: Why is IDEX (IDEX) crypto bringing smiles to its users?
Why is GALA token struggling?
GALA (GALA) is primarily a multi-blockchain gaming network to change the way users would want to play the game. GALA has been on a bearish slide for some time now, and over the past month or so, it has suffered massive losses, losing up to 42%. Despite its bouts of good days in the market, the token has been suffering losses. In fact, even in the past week or so, it was down by 13.5%.
GALA Games triggered bouts of interest after its news of Wormhole coming on the protocol. On 7 May, Gala opened minting of its unique NFTs Fuzzle, which is a collection of 9,997 adorable characters.
Operating on the Proof-of-Work, Proof-of-Stake, and Proof-of-Storage consensus, Gala aims to bring together the elements of fun and ownership on the same platform. The users can collect NFTs and use them as in-game tokens during the games. The multi-game protocol boasts of popular games such as Spider Tanks, Legends Reborn, Mirandus, etc.
Also read: Bitcoin leads the market free-fall: Why are cryptos crashing?
How is GALA Faring?
On Monday, GALA was trading at US$0.123990 with a 24-hour trading volume of US$26,32,55,682, according to CoinMarketCap. The 78th ranked token has been down by 9.76% in the past 24 hours, with a live market cap of US$85,83,31,188 and 6,97,72,05,436 GALA coins in circulation.
GALA would be hoping to reverse the bearish trend to make sure that it can revise some of the losses and maintain. But the investors would take heart from the fact that volume-wise, the token is still generating a decent amount of interest and is witnessing a rally of 10.33%.
The coming week could be crucial for the majority of the crypto market. Especially during these times, the market participants would have to be extra careful and be wary of extreme price movements. Therefore, they must ensure that they do their market research before entering the market.
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