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To add excitement to the drama, Gala posted and deleted a tweet announcing partnerships with Dwayne “The Rock” Johnson and Mark Walhberg – and then summarily deleted the tweet without explanation. That move may have impacted prices, which dropped 20% to 4 cents.
Since then, Gala has clarified that the tweet was intended for a private discord server and was taken down out of respect for the parties involved. In the last two days, the Gala token GALA/USD has increased to around 4.5 cents at the time of writing.
David Kemmerer, the co-founder, and CEO of CoinLedger, a leading crypto tax software provider, commented on the correlation between the erstwhile tweet and the convulsions in the price of GALA over the past week. He believes that the rise and fall of the hype around the tweet caused the momentary whiplash in GALA prices.
“In the last 24 hours, Gala has surged by 26.52% to hit a price of $0.05234. On Monday, the company tweeted that it was working with Dwayne Johnson and Mark Wahlberg, which led to the jump in the token’s price to its highest level since September 2022. The Rock and Mark Wahlberg are major celebrities and partnering with them would drive the growth of Gala’s ecosystem.” Kemmerer said. “Gala games deleted the tweet, and many crypto enthusiasts were questioning the authenticity of the initial announcement, leading to a significant fall in the token’s price.”
But demand seems to remain strong, especially with the deleted tweet explained away.
Also Read: Bitcoin Spikes Above $21,000: Is The Move Sustainable Or Just Speculative Mania?
AJ Pleasonton, a writer for BitBoy Crypto, felt that despite the temporary stumble, Gala is on a bullish path.
“Despite the confusion on Twitter, you can’t deny that GALA has been using the bear market as an opportunity to build. The acquisition of Ember Entertainment has set a fire. With a pay-by-burn mechanism incinerating GALA tokens, it’s hard to argue if this breakout is a fake out. They still have a long way to go to get back to all-time highs, but if I learned anything in crypto, it’s that ANYTHING is possible.”
Cover image: Gala.com
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Image and article originally from www.benzinga.com. Read the original article here.