GALA Price Falls By 12% In A Day – Here’s Why?
GALA token holders are in the dark after a tweet from Web3 gaming startup Gala Games, promising a partnership with actors Dwayne “The Rock” Johnson & Mark Wahlberg was deleted without any explanation. GALA’s token price increased by almost 70% on Monday, reaching its highest level since September 13 at approximately $0.05. However, because of the new development, the cryptocurrency dropped by more than 12% in the past 24 hours.
Why Gala Price Is Falling?
The tweet, which was published on January 9, included a screengrab from Gala Games’ Discord channel. It stated that the firm was working on two films with the actors Dwayne Johnson and Mark Wahlberg, referring to them as “huge forces in the entertainment industry.” The tweet went on to explain that as part of the agreement, users who were already a member of the Gala network would be able to scan a QR code in order to win digital prizes from Netflix and purchase movie tickets for The Rock’s films.
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Furthermore, the now-deleted tweet stated, “You’ve seen their work on screen, but I think their presence might be even more powerful off the screen and we are so happy to get the chance to work with them,”.
Crypto Community Questions
The lack of response from the crypto startup has infuriated crypto aficionados on Twitter, where a number of accounts have called into question the authenticity of the initial announcement. One community member even went ahead to publicly state that he was ousted from the Discord server for asking questions regarding the tweet. He was quoted as saying:
“Why would GALA boot me from the server for simply asking a legitimate question about a public article? I was asking if the team had any update?”
Few even went ahead to advocate shorting the altcoin, by taking investment positions that gamble on the value of the cryptocurrency going down. On the other hand, a few loyalists in the Gala Games Discord have levelled accusations against those who have asked for proof, saying that they are spreading FUD, a crypto jargon used to refer “Fear, Uncertainty & Doubt”; while also accusing competing businesses of employing Twitter bots to run a smear campaign on Gala Games.
All these have badly affected the token price and as things stand, the GALA price is currently being traded at $0.037. This represents a decrease of 12% on the day, in contrast to the massive gain of 105% during the last week, as per crypto market tracker CoinMarketCap.
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