GALA, the native token of Gala Games, is under immense selling pressure as of early September 2023. Trackers show that the token is down 72% from 2023 peaks when it soared to $0.062 in late January 2023. From there, the token has been edging lower, sinking to $0.017 at spot rates, unwinding over 95% of gains posted in early 2023. To illustrate, GALA is cents away from retesting all-time lows registered in late 2022 at around $0.016.
GALA Plunging
The drawdown could be pinned to the unfavorable market-wide bear market conditions that have seen top coins, including Bitcoin and Ethereum, surge before dumping, dragging altcoins even lower. The slowdown across Bitcoin has been mirrored in GALA as the token edges lower, reversing gains posted on August 29.
On this day, Bitcoin rose after a US Court of Appeal ruled in favor of Grayscale, the issuer of GBTC. Even though the court didn’t direct the Securities and Exchange Commission (SEC) to convert GBTC trust to an exchange-traded fund (E
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