coinedition.com
Utility token GALA has recorded a significant price drop in what has been a turbulent and prolonged crypto market slowdown. The token, which is the native cryptocurrency of Gala Games, saw a steeper decline after news of a growing rift between the company’s executives went public.
Notably, GALA has lost 98% of its price in the past 18 months. Alongside macroeconomic factors, the prolonged bearish state of the market and consequent selloffs significantly affected the token’s price.
As previously reported by CoinEdition, Eric Schiermeyer, the Chief Executive Officer (CEO), and Wright Thurston, Co-Founder of Gala Games, filed lawsuits against each other. The two alleged misappropriation of funds against each other, with Thurston accusing Schiermeyer of wasting the company’s assets and “burning off” $600 million.
Following the revelation, the token’s price, which was already hanging by a thread, saw a worsened selloff, taking the price inches away from its all-time low. At the time of press, the token is exchanging hands at $0.0168 apiece. At its highest, the token sold for as much as $0.825.
Even though it is customary practice for investors to accumulate tokens during bear markets, the internal disputes within the blockchain gaming platform don’t make the token desirable. Likewise, the allegations, which show a possible absence of trust and transparency, may catalyze a turnoff for prospective investors.
Data from CoinMarketCap shows that GALA has lost 4.58% of its price in the past 24 hours. Surprisingly, the token has seen increased trade volume in the same period, registering a 148% uptick. The market cap sits at $846 million at the time of press.