Daily Top Mover — GALA
Major U.S. equity surged in the early trading section in anticipation of a lower Fed terminal rate. The rally was weakened in the wake of the Fed officials’ hawkish comments. At the market close, Nasdaq 100 gained 0.63% while S&P 500 and Dow Jones ended up in red. Meanwhile, the broader cryptocurrency market saw a mixed performance, with Bitcoin down 0.11% and Ether up 2.27%, respectively, in the past 24 hours. The top mover for today, GALA, which registered a 24-hour return of 32.19% as of the time of writing, has outperformed the market, likely due to the rumored collaboration with “The Rock”.
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GALA is a utility token for a Web3 company, Gala which owns Gala Games, Gala Films, and Gala Music. Despite its position as the fifth largest play-to-earn token, user activities on Gala Games have remained sluggish in line with similar challenges faced by Axie Infinity. GALA, however, outperformed the market as it announced a major partnership between Gala Films and the popular actor Dwayne Johnson (known as “The Rock”) yesterday on Twitter. However, the post has since been deleted as of the time of writing. Zooming in, GALA stood out with a 147.2% return in the past two weeks and successfully recouped its token drop in the wake of a multi-billion rug pull allegation in November. There have since been no major fundamental updates. As such, the reason behind the recent spike is likely due to a short squeeze as the perpetual funding rate dropped to an extraordinary low in late December, where short liquidations had surged following the recent price recovery.
Check Out the Latest Prices, Charts, and Data for GALA/USDT!
Talk of the Town
Mastercard announced the launch of the Mastercard Artist Accelerator program at the Consumer Electronics Show on Jan 7, 2023. The initiative aims to equip musical artists with education, resources, and tools to turn their works into NFTs, as well as grow their fan base in Web3. Mastercard will hand-pick five emerging artists and their fans to kick off the program and experiment with the platform. The accelerator will be built on Polygon, the Ethereum Layer 2 solution that has successfully onboarded many Web2 players onto the blockchain, including Starbucks and Disney. In addition, Mastercard has been an active player in the Web3 space following previous efforts to launch credit cards with crypto-focused companies and partnering with Coinbase on NFT’s payment on-ramp.
Check out what else is buzzing in the crypto scene today:
U.S. authorities are reported to have started investigating transfers among DCG entities before FTX’s collapse. (Link)
FTX liquidators came up with a truce to share notes on FTX’s assets. (Link)
Hong Kong remains committed to attracting crypto firms to the city. (Link)
Robinhood stock owned by FTX co-founders was seized by DOJ. (Link)
Wyre, a crypto payment firm, limited client withdrawal after Metamask removed its mobile aggregator. (Link)
