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 crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Swill Klitch/Natalia Siiatovskaia