The GALA price has risen by 0.5% in the past 24 hours, with its move to $0.01603699 coming after the blockchain-gased gaming platform issued a statement regarding the ongoing legal dispute between its co-founders, Eric Schiermeyer and Wright Thurston.
Despite this slight improvement, the above legal battle means that GALA has fallen by 21% in a week and by 32% in the last 30 days, with the altcoin also having dropped by 4% since the beginning of the year.
However, the company’s statement affirms that its operations will remain unaffected by the dispute between its two founder, leaving GALA in a position where it could eventually bounce back strongly from its recent declines.
GALA Price Prediction as GALA Becomes Top 7 Most Traded Asset in the Market – What’s Going On?
GALA’s chart makes it clear that there’s been a big jump in its trading volume in the past few days, rising from $400 million towards the end of August to around $800 million.
This increase has been caused by concerns surrounding the aforementioned legal dispute, with GALA’s price suffering considerably as a result.
Indeed, its relative strength index (purple) has recently dropped below 30, signalling notable overselling and a loss of momentum.
At the same time, GALA’s 30-day moving average (yellow) has declined even further below its 200-day average (blue), which again indicates a rush to sell the token.
And to make matters worse, the coin’s support level (green) continues to decline steadily, suggesting that there may be further losses in store over the next few days (or weeks).
What makes the legal dispite particularly damaging for GALA is that the charges levelled by each co-founder are especially serious, with Schiermeyer claiming that Thurston stole around $130 million from the Gala ecosystem.
Conversely, Thurston is alleging that Schiermeyer siphoned $600m from Gala Games for his own personal use, while both are also levelling other charges against each other related to corporate waste.
Assuming that at least some of these charges are true, it would be very damaging for Gala as a whole, and would potentially damage its reputation in the eyes of the wider cryptocurrency community.
In order to calm such fears, Gala issued a statement written by its general legal counsel, Blake Walker, who insisted that “this legal process is primarily a dispute between the founders and does not involve the company in any substantive way.”
Assuming that this is true, and that Gala can recover from this, then GALA will eventually rebound, with now potentially providing a good time to buy the token.
But if the legal battle weakens trust in Gala permanently, then the past few days may simply be the start of a long process of decline.
Offsetting Losses With New High-Potential Altcoins
Because GALA is likely to decline for at least a little while yet, traders are recommended to move into alternative altcoins, with a number of promising presale tokens likely to see significant gains once they list on exchanges in the next few weeks.
This includes Launchpad.xyz (LPX), a Web3 trading platform that has raised more than $1.6 million since opening its sale last month.
Set to launch towards the end of the year, Launchpad.xyz will offer traders various tools and resources including a Web3 wallet, a play-to-earn gaming hub, trading signals, fractionalized assets, collaborative trading rooms, and automated trading bots.
Such features will help traders of all skill levels stay ahead of the market, with Launchpad’s later roll out of a decentralized exchange and its own NFT marketplace also meaning that investors won’t really need to go anywhere else for the cryptocurrency trading needs.
As for LPX itself, the native token will be used to pay platform fees and subscriptions, while holders will also be able to use it for staking.
Taken together, such features promise to make LPX one of the best new tokens of the year, with the altcoin having a max supply of 1 billion (25% of this will go to the sale).
New investors can get involved by checking out the the official Launchpad.xyz website and connecting their software wallets, with 1 LPX costing $0.0445 for the duration of the sale.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.