Gala Price Analysis

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Following a heated legal dispute between Gala’s co-founders, the crypto’s price has plummeted. Is there potential for Gala’s crypto price to recover?

Despite the recent downturn, there is a sense of cautious optimism among market analysts regarding Gala’s cryptocurrency price, with hopes for a possible turnaround in the near future.

Gala Games co-founders’ legal battle over token allegations

In recent legal developments, Gala Games, the blockchain gaming project, has found itself entangled in a lawsuit between its co-founders. Gala co-founder Eric Schiermeyer initiated legal proceedings on August 31st, accusing fellow co-founder Wright Thurston and Thurston’s investment entity, True North United Investments, of wrongdoing.

Schiermeyer’s lawsuit alleges that Thurston misappropriated over 8.6 billion GALA tokens from company wallets, which he purportedly held on behalf of Gala Games. Thurston is accused of selling these tokens, yielding $130 million in profits. The complaint also contends that Thurston illicitly acquired and sold Gala node licenses, used to earn GALA tokens.

These actions have led to additional investor lawsuits against Thurston. Through this ongoing lawsuit, Schiermeyer seeks restitution for the allegedly embezzled funds and damages compensation.

He also aims to remove Thurston from his role as director at Gala Games, asserting that Thurston has no active involvement in the company and serves as an absentee director.

Notably, Schiermeyer’s legal filing highlights Thurston’s involvement in several previous failed ventures, including a recent lawsuit by the U.S. Securities and Exchange Commission (SEC) against Thurston’s company, Green United.

The SEC alleges that Green United raised $18 million in crypto-mining offerings and characterizes Thurston as a “recidivist salesperson for fraud and registration violations.”

Conversely, on the same day, Thurston filed a lawsuit against Schiermeyer, alleging Schiermeyer’s misuse of Gala Games’ assets and funds without board approval, which is commonly referred to as corporate waste.

Among the accusations, Schiermeyer is said to have destroyed or squandered around $600 million worth of GALA tokens and shareholder assets. Additionally, Schiermeyer purportedly lent millions of dollars to himself through Blockchain Game Partners, a company linked to Gala Games.

He allegedly established international entities related to Gala Games, where he acted as the dominant shareholder despite Blockchain Game Partners’ right to pursue these business opportunities. The lawsuit also claims that Schiermeyer harmed True North and Blockchain Game Partners through information dissemination.

The allegations of “malfeasance, mismanagement, and self-dealing” have resulted in substantial harm, with Thurston seeking damages exceeding $600 million, to be determined during the trial. He also aims to have Schiermeyer stripped of his leadership roles within Gala Games.

As the legal battles escalate, Gala Games faces an uncertain future, with accusations of token theft, corporate mismanagement, and waste casting a shadow over the project.

Amidst the high-stakes corporate legal battle, GALA finds itself plummeting to the lowest levels on the price chart, erasing all technical gains made in 2023. The current market price for GALA stands at $0.016, reflecting a 0.33% decrease in the past 24 hours, with a market capitalization exceeding $377 million.

As of the latest update, this gaming token has experienced a 21.06% depreciation in value over the past week. Even prior to the co-founder dispute, Gala’s crypto price prediction painted a bearish picture, with the coin trading more than 95% below its all-time high.

The recent wave of selling has exacerbated the bearish sentiment, potentially steering the price towards another test of the $0.0154 level, an all-time low reached in December 2022. Should this level hold, Gala Games may find itself in an extended downward trend.

However, Gala Games asserts that its day-to-day operations remain unaffected by the co-founders’ dispute, positioning GALA for a potential robust recovery following its recent setbacks. Assuming this assertion holds true and Gala can rebound, it could represent a favorable time to consider acquiring the token.

Nevertheless, if the legal battle erodes trust in Gala Games permanently, the recent downturn might merely signify the onset of an extended period of decline.

Diversifying your portfolio with promising altcoin to offset GALA losses

In light of the expected downturn in GALA’s performance, traders are advised to consider reallocating their investments into alternative altcoins, some of which hold substantial potential and are set to experience significant growth upon listing on exchanges in the coming weeks.

One such promising altcoin is Launchpad XYZ (LPX), a Web3 trading platform that successfully raised over $1.6 million during its recent presale phase. See our guide on how to buy $LPX token here.

Anticipated to launch later this year, Launchpad XYZ is designed to offer traders an array of valuable tools and resources, including a Web3 wallet, a play-to-earn gaming hub, trading signals, fractionalized assets, collaborative trading rooms, and automated trading bots.

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These comprehensive features aim to empower traders of all skill levels to stay ahead of the market. Furthermore, Launchpad’s future plans include the introduction of a decentralized exchange and its own NFT marketplace, creating an all-in-one solution for cryptocurrency trading.

$LPX, the native token of Launchpad XYZ, will serve various purposes, including covering platform fees and subscriptions, as well as facilitating staking. Investors are particularly optimistic about the potential for substantial returns, with expectations of up to 20x returns as the Launchpad XYZ platform garners increased adoption.

Described as a solution for Web3 investing, Launchpad XYZ provides a user-friendly interface and essential tools to navigate the complex world of Web3. It offers insights, trading alpha analytics, and investment strategies to transform the way users engage with Web3 projects.

The platform’s primary objective is to simplify the Web3 experience and empower users to identify and invest in early-stage blockchain projects while retaining custody within the platform. Launchpad.xyz allows users to discover early access opportunities in various blockchain sectors, from NFTs play-to-earn games to utility tokens and fractionalized assets.

What sets Launchpad XYZ apart is its integration of artificial intelligence, particularly the Launchpad Quotient, which assesses and ranks the risk-reward potential of Web3 projects. Additionally, the platform features Apollo, an AI chatbot that assists users in finding promising projects through natural language processing technology.

Investors are eager to participate in the presale to secure NFTs that grant access to VIP trading channels. These channels have already delivered multiple 10x and even 20x returns in projects like ELON 2.0, ECHOES, and WAGGIEBOT.

Access to these channels is granted to investors who purchase over $200 worth of $LPX in the presale through the NFTs. Moreover, investors are drawn to the project due to its fully doxxed team, reducing the risk of unexpected project complications.

An added incentive for investors is the ongoing presale bonus of 18%, although time is running out as it nears its conclusion. During the presale phase, the token’s pricing was particularly attractive, with 1 $LPX available at $0.0445. Invest in $LPX at launchpad.xyz.