• GALA, an Ethereum-based asset, has seen a significant price increase of 194% since 30 December.
• The surge in GALA’s price can be attributed to the rise in whale transactions involving the token.
• The count of daily active addresses trading GALA has since increased by 500%.
GALA, an asset based on the Ethereum blockchain, has been on an impressive run since the beginning of the new year. The price of the altcoin has risen by a whopping 194% since December 30th, reaching a new high of $0.048 since mid-September. This surge in GALA’s price can be attributed to the rise in whale transactions involving the token.
Whales, or large investors, typically have a significant impact on the price of a cryptocurrency asset. As per data from Santiment, since the start of the new year, the count of whale transactions involving GALA that exceeds $100,000 has increased by over 10,000%, while the count of whale transactions that exceed $1 million has increased by over 500%. This suggests that the significant increase in GALA’s price is being driven by large investors.
In addition, the recent surge in GALA’s price can also be attributed to the increase in network activity. According to Santiment, the count of unique addresses trading GALA tokens daily has increased by 500%. Similarly, the amount of new demand for GALA, as well as the number of GALA transactions completed, has also increased.
Overall, GALA’s price rise is being buoyed by increased whale activity and increased network activity. While the price of the altcoin has risen significantly, investors should be aware that profit-taking has commenced, so a price drawback may be imminent.