Is GALA Going to Zero? GALA Price Drops as New Meme Coin Raises

Oct 7, 2023 | News



Is GALA Going to Zero? GALA Price Drops as New Meme Coin Raises

Gala Games (GALA), a prominent GameFi venture, faces a hard length as its rate reports an 8% drop amidst a excessive buying and selling extent of $500 million. The decline comes in the wake of a enormous criminal dispute between Gala Games co-founders Eric Schiermeyer and Wright Thurston, elevating worries amongst buyers approximately the future of GALA.

Allegations of robbery amounting to $one hundred thirty million in Gala tokens and corporate mismanagement by Wright Thurston and his funding firm, True North United Investments, have rocked Gala Games. Thurston, in a counter-declare, accuses Schiermeyer of lending Gala’s funds for private use and growing Gala-associated entities in Switzerland and Dubai to pursue his very own enterprise pursuits.

Despite this dramatic prison turmoil, there are glimmers of wish for the GALA surroundings. Renowned game developer Peter Molyneux has introduced the release date of a brand new GameFi business simulator, ‘Legacy,’ in collaboration with Gala Games. Scheduled for launch on October 26, Legacy will function Land NFTs and in-sport earning mechanisms.

GALA Price Analysis: Recovery Amid Uncertainty

Gala Games currently trades at a market rate of $zero.014, reflecting a 24-hour exchange of +zero.69%. After a recent recuperation that pushed GALA again above the 20-day moving average (20 DMA) on September 29, the cryptocurrency saw a +23% gain, recouping nearly a month’s well worth of losses.

Price action is now striving to consolidate above the 20 DMA on the $0.0145 stage. However, the 2 hundred-day transferring average (200 DMA) remains steeply descending, positioned at $0.0267, a level untouched for 154 days given that May 5.

The Relative Strength Index (RSI) suggests a low bullish divergence, suggesting the capability for a sturdy rally from the growing support above the 20 DMA. The Moving Average Convergence Divergence (MACD) has grew to become bullish at zero.00031, signaling sturdy shopping for stress at this stage.

Risk vs. Reward for Gala Games

Gala Games faces a unique state of affairs, with a technical shape poised for a capability breakout rally however overshadowed by using giant dangers stemming from the founders’ legal dispute. To the upside, a jump could target higher guide at $0.02, representing a capacity +37.65% benefit. Conversely, downside threat stays great, with a ability decline to lower trendline help at $zero.012, equating to a likely -17.Four% drop.

This leaves Gala Games with a danger-reward ratio of two.16, supplying a compelling access with upside capability but additionally exposing traders to capacity disadvantage dangers associated with the continuing prison war.

Meme Kombat: The Emergence of a Memetic Meme Coin

Amidst the GALA turmoil, a new meme coin task has surfaced, capitalizing on inter-community tribalism. Meet Meme Kombat, a pioneering initiative mixing nostalgic gaming and GambleFi into a decentralized Web3 platform.

Meme Kombat’s captivating area allows characters from crypto groups to engage in animated battles. Players can region bets on these battles, are expecting outcomes, and doubtlessly earn appealing rewards. With Season 1 providing 11 awesome meme characters and Season 2 at the horizon for December 2023, Meme Kombat promises motion and pleasure.

The undertaking’s decentralized nature and AI-driven battles make certain transparent and unpredictable results, making every warfare a sparkling and tasty revel in for gamers and buyers alike.

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