The price of the GALA game token has more than doubled in the past week. GALA rose 18.6% that day, and its low point of $0.0154 on December 30 rose 232% in a short period of time.
Gala is a fragmented blockchain gaming ecosystem that reportedly has 16,000 players running around the world. At launch, there were no premines, preorders, or initial use of tokens, and no VCs appeared to be participating.
However, it unlocks a large number of tokens every day, which may add more selling pressure to the asset and GALA price.
According to the UnlocksCalendar Twitter feed, the Gala aggressive distribution could lead to more selling pressure. With about $400,000 unlocked per day or $11 million per month, the recent price surge may be short-lived.
For context, $GALA's implicit sales pressure unlocks about $400,000 per day, or about $11 million per month
At launch, there are no premines, reservations, or early access tokens: no VCs appear to be participating
Additionally, the vesting schedule is linear, with daily allocations halving on July 21st every year. According to its token economics, the main supply of tokens is as high as 50 billion.
The total supply is nearly 39 billion yuan, and the circulating supply is 7.5 billion yuan, accounting for 78% of the maximum value.
Half of GALA tokens are allocated to the Founder node operator, and the other half is allocated to the Founder node operator, GalaGames Conservatorship.
The current market value of GALA is 323 million US dollars, and as of press time, the trading price of the token is 0.043 US dollars. Despite the recent rise, game assets are still down 95% from the all-time high of $0.824 hit in November 2021.
In addition, the fully diluted valuation (FDV) is now about $2.1 billion. Because there are more and more tokens in the market, it may be difficult for the price to gain momentum.
In November, a large GALA mint raised concerns about a potential hack. However, this was just a false alarm.
Looking forward to the blockchain game ecosystem
According to IBT's report on January 9, GameFi 2.0 is about to take off. "A new generation of serious game and money-making developers is entering, determined to create a truly great. web3 game," it states.
