Crypto Market Shows Mixed Sentiment: Pepe Coin and XLM Surge, GALA Token Faces Decline

After a major correction last Thursday, following the SEC’s delay of seven spot Bitcoin ETF applications, the trader activity in the crypto market for some of the altcoins is showing renewed interest.

As we kickstart the new week, the three altcoins currently on the traders’ radar are Pepe coin (PEPE), Stellar (XLM), and the GALA Token.

Pepe coin’s value has rebounded in recent days, showing a nearly 4 percent increase since yesterday. As of the time of writing, it is trading at $0.0000008186, with a total global market capitalization of $320.24 million.

Although there was a significant downward momentum breach below the $0.00000078 support level on September 1st, the PEPE price experienced a swift reversal, reclaiming the previously breached support on the following day. The increase in buying pressure has trapped sellers by forcing them to exit their positions. If the PEPE Coin price breaks above $0.00000083, it would confirm the price recovery.

Stellar’s XLM coin has witnessed an impressive 8 percent surge in the past 24 hours. At the time of writing, it is trading at $0.1226 and boasts a global market capitalization of $3,367,759,147. The exact reason behind this weekend’s price increase remains uncertain. However, it is highly likely that the anticipation of significant news, teased by the developers and scheduled for release next week, is driving this surge. The nature of this upcoming news and its potential impact on the XLM currency remain undisclosed.

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The GALA token has experienced a notable decline of over 9 percent in the past 24 hours. At the time of writing, it is trading at $0.01672 and possesses a global market capitalization of $391,352,532.

Recent legal filings in the United States District Court for the District of Utah reveal allegations that a substantial sum of 8,645,014,077 GALA tokens was stolen from the company’s wallet. GALA co-founder Eric Schiermeyer alleged that fellow founder Wright Thurston and his enterprise, True North United Investments. LLC stole 4130 million worth of GALA tokens tied to the Gala eco.

Schiermeyer’s lawsuit contends that GALA tokens initially held in a company-controlled wallet were subsequently transferred to 43 other wallets by Thurston. When questioned about these transactions, Thurston purportedly asserted that he was safeguarding the tokens in secure wallets on behalf of Gala. However, the suit alleges that he later moved these tokens from the wallets and engaged in a series of transactions, involving exchanges and sales, in the period from September 2022 to May 2023.

Furthermore, the lawsuit claims that Thurston initially showed ignorance regarding the alleged token sales but now asserts that the sold GALA tokens were his own—a claim disputed by Schiermeyer’s suit. Additionally, Thurston faces allegations of misappropriating licenses required to operate Gala eco nodes, which have the potential to earn GALA tokens. These licenses were purportedly sold, with Thurston retaining the proceeds.

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