GALA Token's Price Spiral: The Impact of the $130 Million Crypto Heist

GALA Token's Price Spiral: The Impact of the $130 Million Crypto Heist

The ongoing legal conflict between Gala Games co-founders, Eric Schiermeyer and Wright Thurston, is having a significant impact on the price of their native cryptocurrency, GALA. Over the past 24 hours, the price of GALA tokens has dropped by more than 21%.

Gala Games, a major player in the Web3 industry, recently experienced a substantial crypto theft amounting to $130 million over the weekend. Consequently, the two prominent co-founders are embroiled in lawsuits against each other in connection to this theft.

GALA token price appears to be under extreme risks due to legal dispute resulting in, buyers are gradually reducing some quantity of the holdings as crypto price has fallen over 21% in the week. 

In light of the persistent decline, the market capitalization of GALA tokens has dwindled from its monthly peak of $530 million to the current figure of $372 million. This sharp 33% drop in the cryptocurrency's value within a mere week could potentially trigger further significant losses.

As of the moment, the price of GALA tokens is trading at $0.01583, a level that is notably close to its crucial low point from the previous year. This places GALA token's price in a precarious position, with the possibility of a significant slide towards a new all-time low. Such a scenario has the potential to induce panic among investors.

Source: Tradingview 

Nevertheless, there's a notable potential for a decrease in value, which becomes evident as the average directional index continues its upward trajectory. Additionally, both the daily RSI and MACD indicators are currently residing in the bearish territory, indicating a preference for further selling pressure.

Buyers might find some relief on the horizon if Gala's founders can swiftly resolve their legal dispute and expedite the recovery of the stolen funds. However, in the absence of such resolution, Gala Token could face a significant decline in its value.

Also Read: Synthetix (SNX) Token Reverses Course, Eyes on $2.6 Price Target

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.