A metaverse token built on Ethereum is defying the crypto market’s recent pullback due to whale activity.
According to crypto whale surveillance website WhaleStats, Gala Games (GALA) is now the third-most bought cryptocurrency by whales, behind only Ethereum (ETH) and Tether (USDT) during the last 24 hours.
GALA, a blockchain-based gaming protocol that lets users take part in a game’s development by letting them own their in-game items as non-fungible tokens (NFTs), saw its price surge from a 24-hour low of $0.452 to $0.548, a 21% increase. GALA has since stabilized and is currently exchanging hands $0.509.
According to the data, the average whale purchased 102,199 GALA for $53,556, making it a more popular investment than other popular metaverse tokens such as Decentraland (MANA) and The Sandbox (SAND) among investors with deep pockets.
WhaleStats also finds that the average whale holds just under a million GALA tokens, worth about $480,000 at time of writing, making it the sixth-most held crypto by whales.
Despite the recent price rally, GALA is still down from its all-time high set in November which saw the token skyrocket from a low of $0.082 to a peak of $0.743, a staggering 800% increase.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Swill Klitch/Natalia Siiatovskaia