• Gala Games has burnt over $650 million worth of tokens in order to strengthen investor confidence and reduce “dump & exit” fears.
• The GALA token price is moving inside a bullish technical pattern called the ‘Bull Flag’ with a potential 355% price target.
• The burning event was part of the platform’s commitment to the community and an attempt to alleviate dump & exit fears.
Gala Games Burns Over $650M Worth Of Tokens
P2E gaming platform Gala Games announced burning most of its token holdings launched post the V2 upgrade on May 15. An airdrop of the V2 tokens accompanied the upgrade, at a 1:1 conversion rate of V1 tokens, with no action needed from holders. As part of its strategy to destroy net platform revenues, 20.96 billion GALA tokens were burned in total – 15 billion more than initially promised.
Strengthening Investor Confidence
The team acknowledged that investors may view large token reserves as risky for the platform’s health, so they destroyed them as part of their commitment to the community and to address “dump & exit” fears. Additionally, they’ve added $2 billion worth of GALA tokens into a newly-created wallet reserve for operational expenses and fees.
GALA Price Moving In Bullish Pattern
The GALA token price is currently trading within a bullish pattern called a ‘Bull Flag.’ A bull flag forms during an uptrend when there is counter-trend or consolidation period before an expected continuation of the trend upwards. Therefore, analysts suggest that after breaking out from this flag pattern, we could see prices rise up to 355%.
Burning Tokens To Reduce Risky Reserves
Gala Games committed to burning most of their token reserves in order to reduce risky holdings and provide assurance for users against any potential ‘exit scam’. By doing so, it shows dedication towards providing trust and transparency between users who invest within their system – something that can be difficult for many cryptocurrency projects due to lack of regulation or oversight over these platforms.
In conclusion, Gala Games took decisive action by burning most of their token reserves which should drastically reduce dump & exit fears amongst investors whilst also strengthening user confidence in the platform overall with its clear dedication towards providing trust and transparency between users who invest within their system.