- Gala Games’ token GALA has depreciated by 98% over 18 months.
- Legal battle ensues between Gala Games’ CEO and Co-Founder over funds.
- Despite price dip, GALA’s trading volume increased by 148% recently.
The native cryptocurrency of Gala Games, utility token
Significantly, GALA has experienced a substantial 98% depreciation in its value over the previous 18 months. This decline is not only due to macroeconomic influences but also the extended bear market conditions and subsequent liquidations, which have profoundly impacted the token’s price.
A legal battle has ensued between Eric Schiermeyer, the CEO, and Wright Thurston, the Co-Founder of Gala Games. Both parties have lodged lawsuits against each other, accusing one another of misappropriating funds. Thurston has specifically accused Schiermeyer of squandering the company’s resources and dissipating $600 million.
In the wake of the recent disclosure, the already precarious price of the token experienced a heightened sell-off, pushing it perilously close to its historical low. As of the latest update, the token trades at $0.0168 each. At its peak, the token commanded a price of $0.825.
While it’s typical for investors to amass tokens during bearish market conditions, the ongoing internal conflicts within the blockchain gaming platform render the token less appealing. Similarly, the accusations indicating a lack of trust and transparency could deter potential investors.
CoinMarketCap data reveals a 4.58% decrease in GALA’s price over the last 24 hours. Interestingly, despite this dip, the token has experienced a surge in trading volume, with a notable increase of 148% within the same timeframe. As of the latest update, the market capitalization for GALA stands at $846 million.
