- GALA and BONE both registered price drops after becoming the top gainers
- Metrics and market indicators looked bearish for both tokens
The crypto-market has turned volatile over the last few days, with both GALA and Book of Memes [BOME] taking advantage of the same. In fact, both were among the market’s top gainers on 17 March. Soon after however, both these tokens reacted very differently on the charts.
GALA and BOME on top
According to a recent tweet from CryptoDep, an X handle that shares updates related to cryptos, GALA and BOME were among the cryptos that gained the most in terms of price on 17 March. Apart from these two tokens, Jupiter [JUP], Aptos [APT], and Arbitrum [ARB] were other notable tokens that made it to the same list.
However, since then, both of these tokens have acted differently as market conditions changed. According to CoinMarketCap, GALA’s price moved just marginally in the last 24 hours. At press time, it was trading at $0.06172 with a market capitalization of over $1.8 billion.
BOME, on the other hand, turned bearish. This was the case as the newly launched memecoin’s value plummeted by more than 28% in the last 24 hours alone. At the time of writing, Book of Memes was trading at $0.01355 with a market cap of over $748 million, making it the 115th largest crypto.
What to expect from GALA and BOME?
Beginning with GALA, we can analyze Santiment’s data. AMBCrypto found that selling or buying pressure on the token hasn’t been high. This was evidenced by the fact that both its supply on exchanges and supply outside of exchanges graphs were closely knit. Additionally, whales were not actively buying GALA as its supply held by top addresses remained flat last week.
Source: Santiment
We then took a look at the token’s daily chart to find out what to expect from it. As per our analysis, the MACD flashed a bearish crossover. Its Money Flow Index (MFI) also registered a downtick, suggesting that the token’s price might fall in the coming days.
Source: TradingView
Next, we checked Book of Meme’s status. We found that after an uptick, its 1-week price volatility dropped. Its trading volume also sank after spiking on 17 March, when its price rose. These indicators pointed to a further downtrend on the charts.
Source: Santiment
How much are 1,10,100 GALAs worth today
To double-check whether a further downtrend is likely to happen, we analyzed BOME’s market sentiments too. We found that after a massive spike, BOME’s weighted sentiment dropped. This is a sign that bearish sentiment around the memecoin has risen. Moreover, its social volume also sank, reflecting a drop in its popularity.
Source: Santiment
