Gala crypto price has been in a tailspin after an intense legal battle between its co-founders. Gala Games CEO and Director are at each other’s throats as they accuse each other of significant wrongdoings. The price of the gaming token has collapsed during this uncertainty.
On Monday, Bitcoin price once again fell below $26,000 as the volume keeps decreasing in the crypto markets. Gala Games remained the talk of the town over the whole weekend as the legal drama between the founders unfolded. In this article, we’ll analyze the prospects of the Gala crypto recovery after such a major setback.
Gala Games was founded in 2019 as a blockchain gaming project by the veterans of the industry. It emerged as one of the most popular gaming coins in 2021 and generated exponential returns for its holders. The news of the founders suing each other has triggered an intense sell-off in the coin.
Since the news of the legal dispute between the founders, Gala crypto price has plummeted more than 16%. I was personally in a long trade, which I had to close in a loss due to a strong bearish sentiment in the market. As per the details, Gala CEO Eric Schiermeyer has accused the co-founder Wright Thurston of stealing $130 million worth of Gala tokens. However, the Thurston lawsuit claims that Schiermeyer sold and wasted millions of dollars in company assets.
Even before the feud between the founders, Gala crypto price prediction was looking very bearish. I mentioned this in my previous forecast, too, as the coin was trading more than 96% below its all-time high. The recent sell-off has made things even more bearish.
Now, the price seems to be heading for another retest of the $0.0154 level. This level is the all-time low for the gaming coin, which was hit in December 2022. If this level fails to hold, the Gala Games may enter into a prolonged slump.
In the meantime, I’ll keep sharing updated GALA coin analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 04, 2023, 12:02 BST 12:02