GALA Token’s Dramatic Price Crash Amid Company Feud
GALA has experienced a substantial decline in value during a turbulent and extended period of slowdown in the cryptocurrency market.
This token, which serves as the native cryptocurrency for Gala Games, faced an even sharper decrease following the public revelation of internal conflicts among the company’s leadership.
Noteworthy is the fact that GALA has witnessed a remarkable 98% decrease in its value over the past 18 months.
This decline can be attributed to broader macroeconomic factors and the persistent bearish sentiment in the market, leading to significant sell-offs and negatively affecting the token’s price.
As previously reported by CoinEdition, a legal dispute unfolded between Gala Games’ Chief Executive Officer (CEO), Eric Schiermeyer, and its Co-Founder, Wright Thurston. Allegations of fund misappropriation were exchanged, with Thurston accusing Schiermeyer of mismanaging the company’s assets and allegedly squandering $600 million.
Following this revelation, the token’s price, which was already hanging by a thread, experienced further sell-offs, bringing its value perilously close to its all-time low. As of the latest data available, the token is trading at $0.0168 per unit, a significant decline from its peak price of $0.825.
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Despite the common practice among investors to accumulate tokens during bearish market conditions, the internal conflicts within the blockchain gaming platform have made GALA less appealing. Furthermore, the allegations raising concerns about trust and transparency could discourage potential investors.
Data from CoinMarketCap indicates that GALA has witnessed a 4.58% decrease in its price over the past 24 hours. Interestingly, the token has experienced a notable increase in trading volume during the same period, registering a 148% uptick. Currently, the market capitalization stands at $846 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
