GALA Price Surges 194%, Whale Activity & Network Activity On the Rise

• GALA is an Ethereum-based asset that has seen a significant price increase of 194% since 30 December, reaching a new high of $0.048 since mid-September.
• The surge in GALA’s price can be attributed to the rise in whale transactions involving the token, with the count of whale transactions involving GALA that exceeded $100,000 and $1 million increasing by over 10,000% and 500%, respectively.
• Network activity for GALA has also seen an increase, with the count of unique addresses trading GALA tokens daily witnessing a surge and the count of daily active addresses trading GALA increasing by 500%.

GALA, an Ethereum [ETH]-based asset, has seen a remarkable price jump of 194% since 30 December, reaching a new high of $0.048 since mid-September. The impressive surge in GALA’s price can be attributed to increased whale activity, with the count of whale transactions involving GALA that exceeded $100,000 and $1 million increasing by over 10,000% and 500%, respectively. Similarly, network activity for GALA has also seen an uptick, with the count of unique addresses trading GALA tokens daily witnessing a surge and the count of daily active addresses trading GALA increasing by 500%.

The bulls driving the GALA rally may have reached their peak, as profit-taking has commenced. This has resulted in a decrease in the altcoin’s price, although it is likely to remain stable at its current levels in the short-term. The surge in GALA’s price has been an exciting development for the altcoin community and has cemented GALA’s place among the top altcoins experiencing growth in 2023.

To understand the surge in GALA’s price, it is important to consider the role of whale transactions. Whales, or large investors, are responsible for the majority of trading activity in the cryptocurrency market and their activities can have a significant impact on price action. Per Santiment, since the year began, the count of whale transactions involving GALA that exceeded $100,000 and $1 million went up by over 10,000% and 500%, respectively. This influx of capital into the GALA market has been the driving force behind the rally, as increased demand for the token has resulted in a surge in its price.

Network activity for GALA has also seen an increase, which is another factor that has contributed to the altcoin’s price surge. As of 9 January, the count of unique addresses trading GALA tokens daily has increased by 500%. This indicates that new investors are entering the GALA market, attracted by the potential of the asset and its recent price performance. Similarly, the count of daily active addresses trading GALA has also seen an increase, suggesting a rise in trading volume in the GALA market.

Overall, GALA has been one of the top performers in the cryptocurrency market in 2023, with its price increasing by over 100% since the end of December. This surge in GALA’s price has been driven by increased whale activity and rising network activity, which is indicative of increasing investor interest in the altcoin. However, profit-taking has commenced and a price drawback is imminent, so investors should exercise caution when trading GALA.