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Cryptocurrency investors are experiencing both excitement and dread simultaneously. The overall market sentiment is positive. However, a popular altcoin suddenly dropped while preparing for a double-digit rise. The reason is it got hacked. A loss of 200 million dollars occurred.
Why Is GALA Coin Dropping?
According to on-chain movements, GALA Coin was hacked, and tokens worth 200 million dollars are being exchanged for ETH. The popular altcoin rose to $0.048 and then quickly fell to $0.0395. The timing was so terrible. While the entire market was rising with ETH ETF approval rumors, GALA Coin price had gained 8%, but now it has dropped more than 7%, resulting in a double-digit loss.
The team has not yet provided a reasonable explanation for this on-chain activity. Many sources report the 200 million dollar loss as breaking news. If the team confirms this in the coming minutes, we may see accelerated sales for GALA Coin. Investors are advised to be cautious of potential dump movements and deeper losses.
