GALA Rallies 20% Following Amid Token Burn Proposal
Gala Games’ native token, GALA, has experienced a 20% increase in price in the last 24 hours following a major hack event.
The incident led to the unauthorized minting and sale of 600 million tokens and a permanent locking of 4 billion tokens.
To address this, Gala Games has proposed formalizing the burn of these tokens, including 600 million from the central Gala Treasury.
The token burn will permanently remove 5 billion $GALA tokens from circulation. GALA’s price has risen by 78% in the last 90 days, trading at an average of $0.047.
Its 24 hour trading volume is down by 7% to $792 million, and its market cap stands at $1.68 billion. The proposal will commence the development of an upgraded contract, with the contract upgrade and token burn scheduled to be completed within 72 hours.
(With inputs from Shikha Singh)
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