Shrapnel to Leave Avalanche in New Partnership with Gala Games
Web3 first-person shooter (FPS) sport Shrapnel is about to go away the Avalanche blockchain for a brand new residence within the Gala Video games ecosystem.
The group introduced the transfer through X on July 30, referring to the migration as a “strategic transfer that permits our world launch and displays our shared imaginative and prescient.”
The response from the gaming neighborhood has been blended, however the transfer is actually commanding consideration, and consequently, Shrapnel accounts for twenty-four% of the entire AVAX mindshare based on Messari Portals*.
AVAX Mindshare Portal – Messari
Regardless of some preliminary pushback, the market appears to love the thought, with the SHRAP token up 17% over the past 24 hours. Nevertheless, it’s price noting that the token is flat over the past week, and down 90% over the past yr.
SHRAP is a micro-cap token with only a $6.7 million market capitalization and $13 million absolutely diluted valuation. The token can be utilized within the sport’s market, the place customers should buy and promote distinctive weapon skins, just like the favored Counter-Strike: GO (CSGO) market.
SHRAP skyrocketed to a $166 million market capitalization shortly after its launch in January 2024, however has been in a protracted downtrend ever since.
SHRAP Chart – CoinGecko
Gala Video games, a gaming-focused blockchain ecosystem, has been extremely unstable since its token launch in 2021. The chain’s GALA token peaked at a $5.5 billion market capitalization in November 2021, however then fell as little as a $120 million valuation after the collapse of the FTX trade in 2022.
On this cycle, GALA rallied as excessive as a $2.5 billion valuation in March and December 2024, and at present adjustments arms at a $717 million market capitalization.
*Messari Portals are a free-to-use neighborhood useful resource that mixes quantitative knowledge with qualitative context, giving crypto communities clear, handy entry to info that helps them make higher selections. Visithttps://messari.io/portals to be taught extra.
