One of the biggest winners today was the GALA token from Gala Games. In fact, it managed to register an 8% rise, despite a broader market experiencing heavy consolidation.
Interest in GALA
What could have contributed to this? Well, it could be the result of the growing interest in Gala Games, as also verified by Google Trends. Since the beginning of March, it has seen a meteoric rise in interest.
The spike in appeal could also be the result of Snoop Dogg’s recent launch of Death Row Records on the Gala Music platform as the world’s first web3 record label. In the same vein, he spear Snoop Dogg’s first NFT music, with the same limited to a supply of 500 units.
Despite the social optimism, however, this 8% rally was just another day for GALA as the altcoin saw actual 13% rises more frequently. The altcoin will need sustained periods of appreciation as 80% of its February rally has already been invalidated. Moreover, the price indicators also did not appear to support a rise in price at press time.
The Relative Strength Index (RSI) and MACD were neutral and neutral on the downside, respectively. The Parabolic SAR white dots were also aligned with the candlesticks with the potential to reverse their position and sit above them.
However, since this has not happened yet, GALA has time before a correction occurs.
Since the altcoin is facing consolidation with the rest of the market, investors also do not see this as an opportunity to be active at this time. When the crypto was in a rally around February 7, the presence of GALA holders increased by 285%. Alas, as soon as he disappeared, these investors also became inactive again.
Unlike Shiba Inu owners, however, GALA investors have been more serious investors and have been HODLing for quite a while. Although both coins were launched around the same time, GALA currently holds around 35.78% of its supply for a period of over a year. The same in the case of Shiba Inu is only 1.78%.
Ergo, the lack of movement right now is just an effect of downtrends. Even so, the growing interest will work in favor of GALA when the altcoin marks a sustained rally.