Token

United

Gala

MN Coin

<div class="watcher-guru"> 
 <p>The co-founders of Gala Games, <a rel="noopener noreferrer nofollow" title="Wright Thurston" href="https://thebittimes.com/tag/wright-thurston.html">Wright Thurston</a>, and <a rel="noopener noreferrer nofollow" title="Eric Schiermeyer" href="https://thebittimes.com/tag/eric-schiermeyer.html">Eric Schiermeyer</a>, recently filed <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>s against each other over theft and mismanagement. Schiermeyer alleged that Thurston and his investment firm, True North United Investments,&nbsp;stole around&nbsp;$130 million worth of <a rel="noopener noreferrer nofollow" title="GALA" href="https://thebittimes.com/tag/gala.html">GALA</a> in 2021. Thurston, on the other hand, blamed Schiermeyer for triggering&nbsp;Gala Games to “sell off and waste millions of dollars in company assets.” He further alleged that Schiermeyer lent millions of dollars worth of company funds to himself&nbsp;for personal purchases.</p> 
 <p>On the heels of the <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>, <a rel="noopener noreferrer nofollow" title="GALA" href="https://thebittimes.com/tag/gala.html">GALA</a>’s price started dropping owing to fear, uncertainty, and doubt. In fact, <a rel="noopener noreferrer nofollow" title="GALA" href="https://thebittimes.com/tag/gala.html">GALA</a> also went on to create a new 2023 low at $0.01603 a few hours ago. Additionally, the asset was the top loser on the daily timeframe at press time. <a rel="noopener noreferrer nofollow" title="GALA" href="https://thebittimes.com/tag/gala.html">GALA</a> was priced at around $0.01658, down 5.7% in the last 24-hours.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="457" src="https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp" alt="" class="wp-image-110254" srcset="https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 1024w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 300w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 768w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 380w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 550w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 800w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 1160w, https://cdn.thebittimes.com/images/2023/09/04/a03beee174020fef05776f25eca3c806.webp 1271w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    GALA/USDT by TradingView 
  </figcaption> 
 </figure> 
 <p><strong>Also Read: Dogecoin Averages 1.3% on its ‘Best’ Trade Day: Here’s Why</strong></p> 
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   <div data-fuse="22560828227"></div> 
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 </div> 
 <h3 class="wp-block-heading" id="h-gala-loses-investor-appeal">GALA Loses Investor Appeal </h3> 
 <p>GALA gained substantial traction during the 2021 gaming hype. In November, the asset reached a peak of $0.841. From its current level, the asset’s valuation is 98% down. According to IntoTheBlock’s Global In/Out of the Money indicator, more than 96% of GALA addresses are currently underwater.</p> 
 <div class="wp-block-image"> 
  <figure class="aligncenter size-large is-resized"> 
   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp" alt="" class="wp-image-110241" style="width: 100%;height:345px" width="441" height="345" srcset="https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 1024w, https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 300w, https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 768w, https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 380w, https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 550w, https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 800w, https://cdn.thebittimes.com/images/2023/09/04/1a61f3d0112fa3aeaa06bccf3e93fb37.webp 1040w" sizes="(max-width: 441px) 100vw, 441px"> 
   <figcaption class="wp-element-caption">
     Source: Inside Bitcoins 
   </figcaption> 
  </figure> 
 </div> 
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 <p><strong>Also Read: Crypto: Grayscale AUM Drops 12% to $22 Billion</strong></p> 
 <p>In fact, on several days over the past week, no large transaction [greater than $100k] has been registered, indicating that the token is not essentially a part of the whales’ list at the moment. There were other signs of capitulation surfacing at press time as well. Addresses with a zero balance have been rising. At the beginning of 2023, there were around 150,000 zero-balance <a rel="noopener noreferrer nofollow" title="GALA" href="https://thebittimes.com/tag/gala.html">GALA</a> addresses. Now, the number is up to 220,000. Additionally, over the past 12 hours, the sell trades exceeded the buy trades by 11.36 million <a rel="noopener noreferrer nofollow" title="GALA" href="https://thebittimes.com/tag/gala.html">GALA</a> tokens.</p> 
 <div class="wp-block-image"> 
  <figure class="aligncenter size-full"> 
   <img decoding="async" loading="lazy" width="417" height="369" src="https://cdn.thebittimes.com/images/2023/09/04/e360b7730839c957bf0e090285eb9964.webp" alt="" class="wp-image-110258" srcset="https://cdn.thebittimes.com/images/2023/09/04/e360b7730839c957bf0e090285eb9964.webp 417w, https://cdn.thebittimes.com/images/2023/09/04/e360b7730839c957bf0e090285eb9964.webp 300w, https://cdn.thebittimes.com/images/2023/09/04/e360b7730839c957bf0e090285eb9964.webp 380w" sizes="(max-width: 417px) 100vw, 417px"> 
   <figcaption class="wp-element-caption">
     Source: IntoTheBlock 
   </figcaption> 
  </figure> 
 </div> 
 <h3 class="wp-block-heading" id="h-the-development-front">The Development Front</h3> 
 <p>Amid the turbulent landscape, Gala Games representatives recently affirmed on X [formerly Twitter] that “we aren’t going anywhere” and will continue “redefining” blockchain functionalities. Developers of multiple projects have been working on Gala Games, Gala Tech, Gala Film, and Gala Music. Records are being created, launches are lined up, and users are being onboarded. The team asserted,</p> 
 <p><strong>“We are here to change industries and redefine what blockchain can do around the world.”</strong></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">We are getting a lot of inbound questions about exactly what $GALA is up to right now. <br><br>Gala Tech: <br> – We have our own fully operational L1 Blockchain running multiple games<br> – Rep, the social media platform built on #GalaChain, has entered into the QA phase of its migration…</p> 
    <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
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      <div data-fuse="22560828233"></div> 
     </div> 
    </div> — Gala Games (@GoGalaGames) September 3, 2023 
   </blockquote> 
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 </figure> 
 <p><strong>Also Read:&nbsp;99% Nigerians ‘Aware’ About Crypto, 90% Ready to ‘Invest’</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>crypto</li> 
  <li>Eric Schiermeyer</li> 
  <li>GALA</li> 
  <li>lawsuit</li> 
  <li>Wright Thurston</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gala-token-creates-new-2023-low-96-investors-in-loss-tbt61450.html">https://thebittimes.com/gala-token-creates-new-2023-low-96-investors-in-loss-tbt61450.html</a></p>

GALA Token Creates New 2023 Low: 96% Investors in Loss

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