Is GALA Going to Zero? GALA Price Suddenly Drops 8% With $500 Million Volume as New Meme Coin Raises $300,000
As leading Gamefi project Gala Games (GALA) continues to tumble in the fallout of a major legal dispute between co-founders Eric Schiermeyer and Wright Thurston - with the future of GALA at risk, bag-holders are asking 'is GALA going to zero'?
This comes amid allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston, alongside his investment firm True North United Investments
While Thurston's counter-claim alleges Schiermeyer lent Gala's funds to himself for personal use, and even purportedly created Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.
Yet, despite the dramatic legal dispute, there are signs of life in the GALA ecosystem as top game developer, Peter Molyneux, announced a launch date for a new GameFi business simulator in conjunction with Gala Games.
The blockchain-based ‘Legacy’ title will launch on October 26, and feature Land NFTS and in-game earning mechanisms.
As price action enters localised retracement, Gala Games is currently trading at a market price of $0.014 (representing a 24-hour change of +0.69%).
This comes following a brief recovery by GALA following a break back above the 20DMA on September 29, in a +23% move that saw GALA recover almost a month of lost value.
Price action is now fighting to consolidate above the 20DMA at the $0.0145 level.
Meanwhile, the 200DMA remains descendant but high up at $0.0267 - a level untouched for 154 days since May 5.
Despite the impressive upside recovery, the RSI has remained at low bullish divergence - indicating the potential for a strong rally from the potential foothold of support developing above the 20DMA.
While the MACD has also
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