Gala Games (GALA) Experiences Wild Pump and Dump Amidst Ambiguous "Bombshell" News

Gala Games (GALA) has seen intense price volatility, driven by vague "bombshell" news that has left investors on edge.

In recent days, Gala Games (GALA) has shaken up the market with a staggering price surge of over 300%. The token skyrocketed from its lows of $0.014–$0.015 to $0.05 within just a few days.

The spike was triggered by a flurry of updates from the project team on Twitter, including the revelation of acquiring a game studio with over 20 million users and a community survey to implement a mechanism that would burn 100% of GALA tokens used for transactions on the platform.

This news quickly rekindled investor interest, buoyed by hopes for a brighter future for the project, especially after GALA had previously disappointed the community due to an attack on pNetwork and the ongoing silence regarding the $5 billion NFT ecosystem fund announced in February 2022.

Moreover, the FOMO surrounding GALA was amplified by a public post on January 9, showcasing a screenshot from the project's Discord channel. The post claimed that Gala Games was developing two films featuring Hollywood stars Dwayne Johnson and Mark Wahlberg.

“We are developing two movies with The Rock (Dwayne Johnson) and Mark Wahlberg! Two giants in the entertainment industry. While you might have seen their works on screen, we believe their presence could be even more impactful, and we are thrilled to have the opportunity to work with them.”

However, this post was quickly deleted without any explanation to the community. Discord members sought clarification on the reported partnership but received no response. Some users even reported being banned from Discord for inquiring about the issue.

As a result of the misleading information, GALA's price reacted sharply, dropping from $0.05 to nearly $0.04 almost instantly, and continued to fall further to around $0.03 the following day.

15m Chart of GALA/USDT After False Information Was Removed. Source: Binance

At the time of writing, GALA has partially rebounded, thanks to Bitcoin’s strong surge to $18,300 ahead of the December 2022 CPI data. GALA staged a remarkable comeback from $0.036 to $0.045 (the highest price on January 12, 2023) and is currently trading around $0.0417.

15m Chart of GALA/USDT as of 9:56 AM January 12, 2023. Source: Binance