GALA sinks 72% in 2023.
The native token of Gala Games, GALA, has experienced significant selling pressure in early September 2023. According to trackers, the token has dropped 72% from its peak in late January 2023, when it reached $0.062. Currently, the token is trading at $0.017, which is a decline of over 95% from its early 2023 gains. This puts GALA very close to its all-time low of $0.016, which was recorded in late 2022.
GALA sinks 72% in 2023. GALA Plunging
The decline in value can be attributed to the current unfavorable market conditions, which have caused major cryptocurrencies such as Bitcoin and Ethereum to experience significant surges followed by sharp drops. This has in turn led to a further decrease in the value of altcoins. GALA sinks 72% in 2023.
On the aforementioned date, Bitcoin experienced a surge in value following a US Court of Appeal ruling in favor of Grayscale, the issuer of GBTC. While the court did not direct the Securities and Exchange Commission (SEC) to convert GBTC trust to an exchange-traded fund (ETF), the lack of clear reasons for denying Grayscale's request led to increased odds of the US approving a spot Bitcoin ETF. This caused a rally in BTC prices, which in turn lifted altcoins, including GALA. However, bears have since managed to reverse these gains, as indicated by the daily chart.
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CEO Versus Co-Founder
GALA's potential decline to all-time lows may be attributed to internal conflicts between its CEO and co-founder, which may add to the pressure on the token that is already facing challenges from the bearish market. According to court documents, CEO Eric Schiermeyer and co-founder Wright Thurston have filed lawsuits against each other.
Schiermeyer alleges that Thurston illegally obtained and sold $130 million worth of GALA and stole node licenses for operating nodes within the Gala game ecosystem. He also cites Thurston's history of founding companies that often end up in bankruptcy. Schiermeyer wants Thurston to be replaced as director.
On the other hand, Thurston and his investment vehicle, True North Investments, accuse Schiermeyer of wasting millions of dollars in company assets and engaging in fraudulent practices that harmed the company. Thurston claims Schiermeyer misused millions, including $600 million of assets, and lent millions of dollars from Gala Games to himself. They also alleged that Schiermeyer created entities in Switzerland and Dubai that should belong to Gala Games. Thurston wants Schiermeyer to be removed from his position as CEO, which he has held since 2021.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.