Gala Games Partners with Animoca Brands to Boost Token, GALA Tanks 5%

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by Anisha Pandey · 3 min read
Gala Games Partners with Animoca Brands to Boost Token, GALA Tanks 5%
Photo: Depositphotos

Animoca confirmed that it would work towards maintaining the liquidity of the GALA token and ensuring stable trading of the cryptocurrency.

Gala Games, a Web3 and blockchain gaming firm, has partnered with Animoca Brands, a prominent venture capital and gaming firm based in Hong Kong. The two entities will work towards the development of the GALA token. The collaboration aims to enhance the users’ experience with the altcoin.

As per an announcement made on social media platform X, Animoca Brands will receive GALA tokens from Gala’s Treasury “in order to provide liquidity provisioning services to Gala Games, with the goal of facilitating orderly trading of the GALA token”. Further, the VC firm also seeks to become a validator of the GalaChain, the native blockchain of the gaming ecosystem, in the near future.

“Animoca Brands is already an operator of 9 of Gala Founder’s Nodes and plans to serve as a GalaChain Validator in the future,” read the X post.

Animoca also confirmed that it would work towards maintaining the liquidity of the GALA token and ensuring stable trading of the cryptocurrency. The gaming community on X was intrigued by the unexpected partnership with the CEO of crypto game Mittaria, LordBenalez, who expressed his excitement and sought more details.

It is important to note that Gala Games rose in popularity in 2021 during the previous crypto market bull run. The platform aims to decentralize the multi-billion-dollar gaming industry and provide players with full control of the ecosystem.

On the other hand, Animoca is known for its huge investments in crypto assets and gaming companies. The firm recently signed a Memorandum of Understanding (MoU) for a strategic partnership with Futureverse, an AI and metaverse company. The partnership is aimed at enhancing “the reach and capabilities of Futureverse’s advanced metaverse technology stack by leveraging Animoca Brands’ extensive ecosystem of blockchain-based products.”

Animoca Brands has also invested in CARV, the largest modular data layer for gaming and AI, and Cross The Ages (CTA), a multimedia gaming entity.

GALA Token Collapses

The price of the GALA token tanked by 5.18% in the past 24 hours. The digital asset is trading at $0.0261 and has dropped by more than 90% from its all-time high of $0.8367. The ATH was achieved on November 26, 2021, and since then, the digital asset has failed to recover from the bearish trap.

Furthermore, the token’s trading volume stands $76 million, down by around 1%. Meanwhile, the gaming token’s market capitalization stands at $837 million, giving it the 81st position in the market. The data from TradingView confirms that the token has crashed significantly from the high of $0.08677 seen on March 10.

Gala Games Partners with Animoca Brands to Boost Token, GALA Tanks 5%

Photo: TradingView

The Relative Strength Index (RSI) reads a value of 32, suggesting that bears might remain in control. However, the scenario also presents better entry points and buying opportunities for investors.

Altcoin News, Cryptocurrency News, News
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