- Gala Games’ native token $GALA has gone up 142% over the past week according to data from Coingecko.
- The play-to-earn platform recently announced the acquisition of Ember Entertainment, which had positively impacted the token’s price.
- The platform has also partnered up with Hollywood superstars Dwayne Johnson and Mark Wahlberg.
- Opportunistic traders have begun shorting the token while anticipating the momentum to die out.
Gala Games, the popular blockchain-based pay-to-earn platform, revealed multiple high-profile developments over the past couple of days. These developments have had a rather bullish effect on their native token $GALA. The ERC-20 token has gone from $0.023 all the way up to $0.045, within a span of 48 hours, marking an impressive bullish run of nearly 100%.
Gala Games acquires Ember Entertainment
Earlier today, Gala Games confirmed that it had acquired Ember Entertainment, the game studio behind the popular play-to-earn game The Walking Dead: Empires. Both parties were involved in the development of this game and rumors about the acquisition had been going around over the past few days.
The acquisition paves the way for Gala to onboard more than 20 million active users. According to an update provided by the platform, two high-priority games, Dragon Strike and Meow Match, are currently at the center of their attention. Both the games will be integrated into the platform’s layer 1 blockchain and use the native token $GALA as gas fees. According to the platform’s developers, 50% of the gas will be burned while the rest will be distributed among the node operators, founders, and partners of the ecosystem.
In addition to the acquisition, Gala Games also announced partnerships with popular Hollywood stars Dwayne Johnson and Mark Wahlberg. Furthermore, the GALA token will be used to power its flagship play-to-earn game Townstar. All $TOWN tokens will be swapped for GALA at a 2:1 ratio.
The impressive bull run of GALA came to an end earlier today after opportunistic degen traders started shorting the token. The traders anticipated that the momentum of the news was set to run out and that the token would correct itself. Data from CoinMarketCap shows that the $GALA is currently trading at $0.042. The recent developments led its trading volume to skyrocket to levels which were last witnessed in March 2022.