Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7%
04 Julio 2024 - 2:00AM
NEWSBTC
Web3 and blockchain gaming firm Gala Games partnered with Animoca
Brands to boost its native token. The companies joined forces to
develop the altcoin and enhance users’ experience. Nonetheless,
GALA has faced a 6.7% price decline following the news. Related
Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Gala
Games To Boost User Experience On Wednesday, Gala Games announced
its partnership with Hong Kong-based game software and Venture
Capital company. The collaboration aims to enhance the token
experience for users. The Web3 and blockchain gaming platform
focuses on video games compatible with blockchain technology.
Additionally, it allows players to earn crypto tokens and
non-fungible tokens (NFTs) through gameplay. Per the announcement,
the companies will work together to develop the token. Animoca
Brands will receive GALA tokens from the firm’s treasury to
“provide liquidity provisioning services” to the Web3 gaming
platform. This move aims to facilitate the token’s orderly trading.
As highlighted in the X post, Animoca Brands operates nine Gala
Founder’s Nodes and plans to serve as a GalaChain Validator. Many
users and crypto investors received the news well. Some users
considered the news was bullish for the token. Others stated that
the company is finally “making some noise.” The announcement also
sparked interest in the gaming and NFT community. LordBenalez, COO
of community-driven NFT project Mittaria, expressed interest in the
collaboration. “About time. Glad to see the two big companies
joining hands. Looking forward to hearing more about the
collaboration,” read the reply. GALA’s Price Sees 7% Retrace
Despite the overall positive reaction, GALA’s price plunged after
the news. The token fell from the $0.0275 price range to the
$0.0255 mark, a 7.2% price drop. The recent price action represents
a 6.7% retrace in the last 24 hours. The token’s performance also
shows red numbers in the longer timeframes. GALA’s price has been
downtrend since its March high of $0.081. Following the retrace at
the beginning of Q2, the token hovered between the $0.04 and $0.5
range. However, the sideways movement was halted by the late May
security breach to which the company fell victim. As reported by
NewsBTC, the web3 gaming company suffered an exploit, which
resulted in the minting of 5 billion tokens worth $219 million. The
incident saw the unauthorized sale of 600 million GALA tokens,
worth around $21 million. Additionally, 4.4 billion tokens were
burned. This resulted in the price falling from $0.046 to $0.037, a
20% decline following the exploit. Related Reading: Baked Or
Burned? Trader Makes 307x From Solana Token But Investors Raise The
Alarm Since then, the token has continued the downtrend,
registering a 43.5% decrease in the past month. Some market
watchers suggest that the token might be getting ready to bounce
off the lower trendline and break out of the $0.035 resistance zone
before soaring to the $0.1 price target. Featured Image from
Unsplash.com, Chart from TradingView.com
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