{"id":627699,"date":"2024-07-04T07:00:13","date_gmt":"2024-07-04T07:00:13","guid":{"rendered":"https:\/\/ktsl888.com\/?p=627699"},"modified":"2024-07-03T19:29:26","modified_gmt":"2024-07-03T19:29:26","slug":"gala-games-announces-partnership-with-animoca-brands-gala-token-plunges-6-7","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/gala-games-announces-partnership-with-animoca-brands-gala-token-plunges-6-7\/","title":{"rendered":"Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7%"},"content":{"rendered":"

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\u2019 experience. Nonetheless, GALA has faced a 6.7% price decline following the news.<\/p>\n

Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off<\/a><\/div>\n

Gala Games To Boost User Experience<\/h2>\n

On Wednesday, Gala Games announced<\/a> its partnership with Hong Kong-based game software and Venture Capital company. The collaboration aims to enhance the token experience for users.<\/p>\n

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.<\/p>\n

Per the announcement, the companies will work together to develop the token. Animoca Brands will receive GALA tokens from the firm\u2019s treasury to \u201cprovide liquidity provisioning services\u201d to the Web3 gaming<\/a> platform. This move aims to facilitate the token’s orderly trading.<\/p>\n

As highlighted in the X post, Animoca Brands operates nine Gala Founder\u2019s Nodes and plans to serve as a GalaChain Validator.<\/p>\n

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 \u201cmaking some noise.\u201d<\/p>\n

The announcement also sparked interest in the gaming and NFT community. LordBenalez, COO of community-driven NFT project Mittaria, expressed interest in the collaboration. \u201cAbout time. Glad to see the two big companies joining hands. Looking forward to hearing more about the collaboration,\u201d read<\/a> the reply.<\/p>\n

GALA\u2019s Price Sees 7% Retrace<\/h2>\n

Despite the overall positive reaction, GALA\u2019s 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<\/a> in the last 24 hours.<\/p>\n

The token\u2019s performance also shows red numbers in the longer timeframes. GALA\u2019s 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.<\/p>\n

However, the sideways movement was halted by the late May security breach to which the company fell victim. As reported<\/a> by NewsBTC, the web3 gaming company suffered an exploit, which resulted in the minting of 5 billion tokens worth $219 million.<\/p>\n

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.<\/p>\n

Related Reading: Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm<\/a><\/div>\n

Since then, the token has continued the downtrend, registering a 43.5% decrease in the past month. Some market watchers 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.<\/p>\n

\"Gala
GALA is trading at $0.0255 in the weekly chart. Source: GALAUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019 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\u2019s treasury to \u201cprovide liquidity provisioning services\u201d 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\u2019s 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 \u201cmaking some noise.\u201d The announcement also sparked interest in the gaming and NFT community. LordBenalez, COO of community-driven NFT project Mittaria, expressed interest in the collaboration. \u201cAbout time. Glad to see the two big companies joining hands. Looking forward to hearing more about the collaboration,\u201d read the reply. GALA\u2019s Price Sees 7% Retrace Despite the overall positive reaction, GALA\u2019s 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\u2019s performance also shows red numbers in the longer timeframes. GALA\u2019s 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<\/p>\n","protected":false},"author":614,"featured_media":627701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[92691,9981,87520,91636,91637,87584,87743,92693,92692,87589,15369,90105],"class_list":["post-627699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-animoca-brands","tag-blockchain-gaming","tag-crypto-exploit","tag-crypto-gaming","tag-crypto-gaming-altcoins","tag-gala","tag-gala-games","tag-gala-token","tag-galachain","tag-galausdt","tag-nft","tag-web3-gaming"],"acf":[],"yoast_head":"\nGala Games Partners With Animoca Brands, GALA Plunges 6.7%<\/title>\n<meta name=\"description\" content=\"Gala Games recently announced its partnership with Animoca Brands to develop its native token and enhance 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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