coinspress.com
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.