Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7%

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As a seasoned crypto investor, I’ve seen my fair share of partnership announcements and price movements in the volatile world of digital assets. While the Gala Games and Animoca Brands collaboration is undoubtedly an exciting development for the Web3 gaming space, I can’t help but feel a sense of déjà vu as I watch GALA’s price dip following the news.

Gala Games, a company specializing in Web3 and blockchain gaming, announced a partnership with Animoca Brands to create and improve its native token. This collaboration aims to provide a better user experience. However, since the announcement, the value of GALA has decreased by 6.7%.

Gala Games To Boost User Experience

on Wednesdays, Gala Games revealed a new partnership with a Hong Kong firm specializing in game software and venture capital. The goal of this alliance is to upgrade the token interaction for gamers.

As a blockchain and Web3 gaming analyst, I’m excited about platforms that merge the worlds of video games and blockchain technology. These innovative spaces enable me to engage in games designed specifically for this technology. Furthermore, the added benefit is the opportunity to earn crypto tokens and non-fungible tokens (NFTs) directly through gameplay.

As a crypto investor, I can explain this announcement in the following way: According to the recent update, Animoca Brands and the firm are collaborating to create the token. To support liquidity provisioning on the Web3 gaming platform, Animoca Brands will receive GALA tokens from the company’s treasury. This action is intended to enhance the token’s trading efficiency and maintain a stable market.

I’d like to draw your attention to the X post where Animoca Brands is mentioned. They currently operate nine Gala Founder Nodes and have plans to become a validator on the GalaChain network.

As a researcher, I’ve come across various reactions from users and crypto investors regarding recent news. Some viewed it positively, considering it as a bullish sign for the token. Others expressed relief, stating that the company was finally making some progress and generating buzz in the marketplace.

The announcement ignited curiosity among the gaming and NFT sectors, with LordBenalez, COO of community-led NFT initiative Mittaria, voicing enthusiasm for the partnership. “Long overdue. Excited to learn more about this collaboration,” was his response.

GALA’s Price Sees 7% Retrace

Despite the generally favorable response, the cost of GALA took a dive following the announcement, dropping from $0.0275 to $0.0255 – a decline of 7.2%. This latest price movement equates to a 6.7% reversal over the past day.

In longer periods, the token’s results exhibit negative numbers. The price of GALA has been decreasing since its peak in March at $0.081. After a brief recovery at the start of Q2, the token fluctuated between the prices of $0.04 and $0.05.

As a crypto investor, I’ve noticed that the price action had been stuck in a holding pattern until the unexpected turn of events in late May. Unfortunately, the web3 gaming company I was following became the victim of a security breach, as reported by NewsBTC. This unfortunate incident resulted in an exploit, allowing for the minting of a staggering 5 billion tokens, valued at around $219 million.

An unauthorized sale of approximately 600 million GALA tokens, valued at around $21 million, occurred during the incident. Furthermore, 4.4 billion tokens were destroyed in its aftermath. Consequently, the price dropped from $0.046 to $0.037, representing a significant 20% decrease in value post-exploit.

After that point, the value of the token has persisted in a downturn, recording a 43.5% drop within the last month. Some analysts speculate that the token could be preparing to rebound from its lower trendline and surmount the $0.035 resistance level before reaching its predicted price of $0.1.

Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7%

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2024-07-04 10:16