Token

Boost

Drops

Gala

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. 
<h2 style="font-weight: 400" id="gala-games-to-boost-user-experience">Gala Games To Boost User Experience</h2> 
On Wednesday, Gala Games <a href="https://x.com/GoGalaGames/status/1808345169571516580" target="_blank" rel="noopener nofollow">announced</a> 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 <a href="https://www.newsbtc.com/news/steams-clicker-game-sensation-opens-debate-about-nfts-and-crypto-gaming/" target="_blank" rel="noopener ">Web3 gaming</a> 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,” <a href="https://x.com/LordBenalez/status/1808349122904182813" target="_blank" rel="noopener nofollow">read</a> the reply. 
<h2 style="font-weight: 400" id="gala-s-price-sees-7-retrace">GALA’s Price Sees 7% Retrace</h2> 
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% <a href="https://www.newsbtc.com/news/bitcoin/45-drop-for-bitcoin-crypto-analyst/" target="_blank" rel="noopener ">retrace</a> 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 <a href="https://www.newsbtc.com/news/gala-games-recovers-23m-stolen-by-hacker-plans-token-buyback-program/" target="_blank" rel="noopener ">reported</a> 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. 
Since then, the token has continued the downtrend, registering a 43.5% decrease in the past month. Some market watchers <a href="https://x.com/TehLamboXcharts/status/1808030962875605186" target="_blank" rel="noopener nofollow">suggest</a> 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. 
<img loading="lazy" decoding="async" class="size-large wp-image-627700" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GALAUSDT_2024-07-03_08-44-23.png?w=860&amp;resize=860%2C460" alt="Gala Games, GALA, GALAUSDT" width="860" height="460" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GALAUSDT_2024-07-03_08-44-23.png?w=1102 1102w, https://www.newsbtc.com/wp-content/uploads/2024/07/GALAUSDT_2024-07-03_08-44-23.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GALAUSDT_2024-07-03_08-44-23.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GALAUSDT_2024-07-03_08-44-23.png?w=860&amp;resize=860%2C460 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GALAUSDT_2024-07-03_08-44-23.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

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

Table of Contents

NewsBTC

Other articles published on Jul 4, 2024

Ripple News: XRPL Labs-C14 Partnership A Breakthrough in XRP’s Global Expansion

Canadian Crypto Adoption Continues to Foot-Drag As Cash Stays More Relevant

Bitcoin Whales Trigger Market Concerns with Recent Activity

una Messenger Service Termination

XRP price loses final support amid whale transactions

Venom Expands into India with Dual Listings on WazirX and CoinDCX

Join our free newsletter for daily crypto updates!