GALA, the native token for the Gala Games platform, has seen a hefty increase in price over the past week as the token was officially listed on Binance. Interestingly, this happens on the back of a rather disturbing several days for Gala Games related to a fake utility token called Town Coin. GALA’s valuation rose 99% in the past seven days, struggling a bit in the past 24h, but presenting a great overall performance.
The GALA token is central to all games created by the Gala Games team. It allows players to purchase in-game items and advance in their quests. Interestingly, Gala Games recently suffered from a wave of dissatisfaction on Twitter, as scammers tried launching fake Town Coins for one of the most popular games in the Gala ecosystem – Town Star.
The official Gala Games Twitter account announced that Town Coin would soon bring play-to-earn mechanics to the community favorite. However, the coin has not officially launched yet.
Even so, increased interest following the announcement might have been one of the reasons behind the strong performance the GALA token has produced in the past week. Players could be stacking up GALA in order to be able to exchange it for Town Coin later on.
If you want to get your hands on some GALA tokens, you can easily do that with the convenient DappRadar Token Swap service. Simply connect your wallet and choose the asset you want to swap in order to get GALA. DappRadar users get the best possible swap price. This is possible as the DappRadar Token Swap is an aggregator tapping into various exchanges and services. It also means you will always get the best price on the market.
Some insight into GALA token holders
Looking into the most recent GALA transactions, we can spot several interesting wallets. For example, sethantes.eth, which currently holds 6500 GALA tokens. Aside from the substantial investment in GALA, this wallet shows an overall interest in GameFi. The NFT collection stored on the wallet confirms that. Out of 214 NFTs, worth upwards of $114.000, 61 belong to the Axie Infinity collection. Aside from Axie Infinity, sethantes.eth also holds more than 50 Mirandus NFTs. Of course, as this is a Gala Games product, it is common that GALA holders also have impressive Mirandus collections.
Further exploration with DappRadar Portfolio shows that GALA token holders spread out to other blockchains beyond Ethereum. For example, looking into this wallet, we still see a strong GameFi trend present. However, there is a noticeable shift towards the Polygon network. The tokens present in this wallet only seem to be residuals left after transactions were completed. Still they are clear enough evidence that GALA holders are branching out to numerous GameFi solutions, including Aavegotchi.
Gala Games struggles with Town Coin announcement
Unfortunately, it looks like people also fell for the Town Coin scam mentioned earlier. We see a rather substantial amount of Town Coins in this wallet. Still the official token has not been launched yet. According to this official Gala Games tweet, Town Coin scammers managed to enter the fake contract into the official GALA Deployer. This effectively made the scam look believable.
According to Etherescan, at the time of writing, there are about 35 wallet addresses holding the fake Town Coin. About three days ago when the Town Coin token contract was released, the going rate for a Town Coin token was about 0.00000043 ETH, or $0.0013. With a total supply of 1,000,000,000 Town Coin tokens, the estimated value of this fraud is about $1,300,000.
One of the scammed users turned to the comments section on Ehtrescan. IamNoob expressed his desperation and plead with the scammers to return his 2.1 ETH investment.
Checking his wallet with the DappRadar Portfolio Tracker we can see that this address holds 4.6 million Town Coins. These have an estimated value of around $12,467.
Recent transactions for the token also show that a Town Coin and ETH liquidity pool on Uniswap has been dried out. This essentially means that the scammers are withdrawing everything they put towards their fraud project. Also reaping the benefits of their fraud.
Following the official Gala Games announcement that there is a scam token out there, many users felt the need to express their dissatisfaction. Among the most prominent points made was the fact that Gala Games shouldn’t have announced the Town Coin token before the launch. According to some, this was almost like an invitation for scammers to rip off Gala Games fans.
Hopefully, Gala Games will manage to resolve the problem with fake Town Coins flooding the market before the official one is released. Until then, DappRadar will continue monitoring whether GALA continues on its upward trajectory.
If you are curious to explore your token or NFT portfolio, check out the DappRadar Portfolio Tracker. If you want to purchase some GALA tokens, you can easily do that through the integrated DappRadar Token Swap service. Check out the links below for easy access to both these features.