As we stepped into September 2023, the cryptocurrency GALA, a native token of Gala Games, was being hit hard by a wave of selling pressure. Data trackers reveal a shocking 72% fall from its peak in 2023, when it reached a high of $0.062 in late January. Since then, it has been on a steady decline, plunging to a mere $0.017 at the current spot rates. This effectively wipes out over 95% of the gains it had made earlier in the year.
The Unrelenting Decline
As a result of this downward spiral, GALA is just cents away from revisiting its all-time low, which was recorded in late 2022 at around $0.016. The downturn can be attributed to the widespread bearish conditions in the market, which have affected top cryptocurrencies like Bitcoin and Ethereum. These leading coins surged before undergoing a sharp drop, pulling down altcoins, including GALA, in their wake.
The slowdown across Bitcoin has been mirrored in GALA as the token edges lower, reversing gains posted on August 29. On this day, Bitcoin rose after a US Court of Appeal ruled in favor of Grayscale, the issuer of GBTC. Although the court did not instruct the Securities and Exchange Commission (SEC) to convert GBTC trust to an exchange-traded fund (ETF), the judgment did not provide clear reasons for denying Grayscale’s request. This led to a rally in BTC prices and increased the chances of the US approving a spot Bitcoin ETF, which in turn lifted altcoins, including GALA. However, the bears have successfully clawed back these gains.
Internal Conflict Takes a Toll
Market factors aside, GALA’s potential plummet to all-time lows can also be attributed to internal disputes that could add more strain to the already struggling token. Court documents reveal a clash between CEO Eric Schiermeyer and co-founder Wright Thurston, with lawsuits filed against each other. Schiermeyer accuses Thurston of illegally obtaining and selling $130 million of GALA and stealing node licenses for operating nodes within the Gala game ecosystem. He also points to Thurston’s track record of founding companies that often end up in bankruptcy.
On the other hand, Thurston, along with his investment vehicle, True North Investments, alleges that Schiermeyer has squandered millions in company assets and engaged in fraudulent practices that have damaged the company. They claim that Schiermeyer misused millions, including $600 million of assets, and borrowed millions from Gala Games for personal use. Accusations also extend to Schiermeyer creating entities in Switzerland and Dubai that should rightfully belong to Gala Games.
Keeping Track of GALA’s Performance
With all these factors at play, tracking GALA’s performance has become crucial for investors. Applications like cryptoview.io provide an efficient way to keep an eye on the market and make informed decisions. It offers a comprehensive view of the market, making it easier to spot trends and anticipate future movements.
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Note: The information provided in this article is for informational purposes only. It should not be considered financial or investment advice. Always conduct your own research and consult with a professional before making any financial decisions.
