Gala Games Removes Tweet About The Rock Partnership

Gala Games Removes Tweet About The Rock/Wahlberg Partnership

After the blockchain-based gaming platform, Gala Games deleted a tweet announcing a partnership with A-list Hollywood stars, the value of its native token, GALA, dropped

By: Flagship Team

The price of GALA increased by over 70% on Monday after a tweet revealed the company was collaborating with Dwayne “The Rock” Johnson and Mark Wahlberg. However, the token dropped by over 20% to $0.039 after Gala Games deleted the tweet without explanation.

"We are, as you’re reading this, developing two films with the Rock (aka Dwayne Johnson) and Mark Wahlberg! Two absolutely huge forces in the entertainment industry. 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,"

according to the image on Discord of the now-deleted tweet.

Gala Games Removes Tweet About The Rock Partnership

According to the tweet, as part of the deal, Gala ecosystem users can now use QR codes to purchase tickets to Dwayne's films and enter to win digital prizes on Netflix. However, Twitter users who are invested in cryptocurrencies have taken to questioning the authenticity of the company's initial announcement and calling for “shorting,” or betting on a decline in the value of the cryptocurrency, in response to the firm's radio silence.

Beginning on Wednesday, funding rates in the GALA token's perpetual futures market were highly negative, pointing to bearish market sentiment. The cost of carrying bullish long or bearish short positions is known as the funding rate, and it is paid out every eight hours. A negative value indicates that shorts provide longs with funds to maintain the position and that leverage is heavily weighted toward the bearish side.

Matrixport's head of research and strategy, Markus Thielen, made the following statement.

"Gala’s perp funding rate trades deeply negative, a sign that some traders expect prices to resume lower in the near future. If not, then we could see a lot of short covering as perp open interest has exploded.”
Matrixport's head of research and strategy, Markus Thielen
Matrixport's head of research and strategy, Markus Thielen

Despite the recent dip, GALA is up over 130% this month and is the leader among gaming tokens. The SAND token used by Ethereum-based VR gaming platform The Sandbox has increased by 30%, while the MANA token used by rival platform Decentraland has increased by 22. The AXS token from play-to-earn giant Axie Infinity, the YGG token from Yield Guild Games, and the ILV token from Illuvium are just some of the other notable gaming coins with double-digit gains.

Compared to the eighty percent increase in LDO, the governance token of liquid staking giant Lido Finance, GALA's triple-digit rally stands out as particularly impressive. When comparing the performance of cryptocurrencies with a market cap of over $1 billion, LDO came out on top. The market leaders, Bitcoin and Ether, have only gained about 5% and 11%, respectively.

There may be a return to risk in the cryptocurrency market, as evidenced by the surge in gaming tokens, a high-risk sector that emerged as a leader at the market's late 2021 high.

Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.


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