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Gala (GALA) is unchanged at $0.437 (+0.05%) in early trading Thursday, down 14% in the last 7-days and -30% in December. Due to the poor performance this week, the gaming and NFT platform’s market cap has fallen to approximately $3 billion ($5.7b last month), ranking its native GALA token the 50th most valuable cryptocurrency behind EOS.
Similar to other gaming-related cryptocurrencies, like The Sandbox (SAND) and Decentraland (MANA), Gala Games has erased a large portion of the gains it made last month. Several factors are responsible for the decline in gaming cryptos over the previous four weeks. Firstly, the massive influx of capital into the sector stretched valuations to unrealistic levels. Secondly, the crypto market as a whole has turned lower in December as fears over central bank policy tightening encourages profit-taking. Subsequently, the Gala price action suggests holders are trying to offload tokens at increasingly lower levels.
