Gala Games’ native token, GALA, is under significant selling pressure as of early September 2023. According to the tracker, the token has skyrocketed to $0.062 in late January 2023 and is down 72% from its 2023 peak. From there the token has been creeping up. Furthermore, the spot rate fell to $0.017, unwinding more than 95% of the gains recorded in early 2023. For example, the GALA is just cents away from retesting its all-time low of around $0.016 set in late 2022.
GALA Plunge
The drawdown could be attributed to unfavorable bear market conditions across the market, where the top coins, including Bitcoin and Ethereum, surged before they plummeted, driving altcoins even lower. Bitcoin’s overall slowdown was also reflected in the GALA as the token’s edge dropped, reversing the rise recorded on Aug. 29.
Bitcoin surged today after a US appeals court ruled in favor of GBTC issuer Grayscale. The judge did not give a clear reason for denying Grayscale’s request, even though the court did not direct the Securities and Exchange Commission (SEC) to convert the GBTC trust into an exchange-traded fund (ETF). . BTC price rose as the odds of the US approving a spot Bitcoin ETF increased and altcoins including GALA rose. However, as the daily chart shows, the bears have managed to recoup their losses.
CEO and co-founder
Beyond market factors, GALA could plunge to all-time lows, largely due to internal strife, which could put more pressure on a token already struggling with a relentless bear market. According to court documents, CEO Eric Thielmayer and co-founder Wright Thurston had sued each other.
filing show Scheelmayer accuses the co-founders of illegally obtaining and selling $130 million in GALA. The CEO also alleges that the co-founders stole node licenses to operate nodes within the Gala gaming ecosystem. He also cites Thurston’s background in founding companies that often went bankrupt. CEO wants to replace co-founder as director.
Co-founders and their investment vehicle, True North Investments, accuse A CEO involved in fraud that squandered millions of dollars in company assets and damaged the company. The co-founder alleges that the CEO misappropriated millions of dollars, including $600 million in assets, and loaned himself millions of dollars from Gala Games. They also claimed that the CEO had set up legal entities in Switzerland and Dubai that should actually belong to Gala Games. The co-founders want to oust the CEO who has been in the position since 2021.
Featured images from Canva, charts from TradingView
