Gala token jumped sharply on Tuesday after the developers announced a plan of a new airdrop. The token jumped to a high of $0.048, the highest level since March 19th. It has soared by more than 216% from the lowest level in January this year.
Gala airdrop upcoming
The main reason why GALA price jumped sharply is that the developers announced plans to launch an airdrop of the second version of the token. This airdrop will happen on a 1:1 basis to holders of the current version of the GALA token.
In a blog post, the developers explained the reason for this airdrop. They said that the token will be part of its upgrade of the broader ecosystem as it adopts to the Gala smart contracts on Ethereum. Some of the features of the new token are that it will be secure and more user-friendly. It will also introduce a burn mechanism.
By introducing burning, the developers hope to reduce the overall volume of the tokens and create more value for holders. As part of this transition, the developers cautioned GALA holders that they must remove their tokens from liquidity pools or smart contracts before May 15th. The statement said:
“We envision a bright future for $GALA and the projects that will be built upon it. This new era for our GALA paves the way for a prosperous and thriving ecosystem that benefits all participants.”
Gala Games is one of the leading players in the blockchain industry. It is a gaming, metaverse, and non-fungible token (NFT) platform. Its primary service is that it enables developers to build and deploy games, which users can play in the ecosystem.
Gala Games is also working to launch its own smart chain, known as GalaChain, which will be more secure, faster, and cheaper.
Gala price prediction
The daily chart shows that the GALA token has been in a strong bullish trend in the past few days. It has jumped above the 25-day and 50-day moving averages. It also retested the key resistance point at $0.048, the highest point on March 18.
Therefore, there is a likelihood that the token will continue rising as buyers target the next key resistance point at $0.062, the highest point on January 27. A drop below the support at $0.043 will invalidate the bullish view.