Useful token Due to the prolonged and erratic downturn in the cryptocurrency market, GALA has seen a significant value decline. The native cryptocurrency of Gala Video Games, the token, experienced a further decrease after news of a growing conflict between the company’s leaders became public.
Notably, GALA has lost 98% of its value during the past 18 months. Along with macroeconomic factors, the prolonged bearish market and subsequent selloffs had a significant impact on the token’s value.
As previously reported by CoinEdition, Gala Video Games’ CEO Eric Schiermeyer and co-founder Wright Thurston both filed lawsuits against one another. The two allegedly misappropriated money for one another, with Schiermeyer being accused of “burning off” $600 million and losing the company’s assets by Thurston.
The token‘s value, which was already hanging by a thread before the discovery, experienced a severe selloff, bringing it dangerously close to its all-time low. As of the time of publication, the token is trading hands for $0.0168 per unit. The token had its peak price at $0.825.
Even if it’s common practice for investors to accumulate tokens during bear markets, the internal debates inside the blockchain gaming platform make the token uninteresting. Similarly, the claims, which raise questions about credibility and transparency, can discourage potential investors.
According to data from CoinMarketCap, GALA has lost 4.58% of its value over the last 24 hours. Surprisingly, the token has had increased trading volume throughout the same time period, recording a 148% increase. At the time of publication, the market capitalization was $846 million.
