Major Investors Flood Exchanges with YGG Tokens After 250% Weekly Surge
In the fast-paced world of blockchain gaming, Yield Guild Games (YGG) has been making waves with its native token, YGG. The cryptocurrency, designed to be utilized within blockchain games, has experienced a remarkable surge, more than doubling in value in a short period.
YGG token’s remarkable ascent to $0.65 USD marks its highest peak in over a year, signifying a significant development for the gaming platform and its users. However, amidst this meteoric rise, some early investors appear to be capitalizing on the surge by selling their YGG holdings on the popular cryptocurrency exchange, Binance.
According to data from LookOnChain, YGG’s price has increased by an astounding 250% within the past seven days, drawing attention from both gamers and investors alike. The surge has led some early backers to take advantage of the price spike and offload their tokens on the market. LookOnChain reported that Wintermute Trading, one of the early investors in YGG, has recently deposited a total of 11.1 million YGG tokens (equivalent to approximately $6.7 million USD) onto exchanges over the last four days. As of now, Wintermute Trading still holds around 2.5 million YGG tokens, worth approximately $1.5 million USD.
The price of $YGG has increased nearly 250% in the past 7 days.
The wallet of Wintermute Trading has deposited a total of 11.1M $YGG ($6.7M) to exchanges in the past 4 days and currently holds 2.5M $YGG ($1.5M).https://t.co/iRFNK8c8Fh pic.twitter.com/SyZOldSwNT
— Lookonchain (@lookonchain) August 7, 2023
Another major player, Youbi Capital, deposited 1 million YGG tokens (approximately $613,000 USD) to Binance just nine hours ago. Their total holdings now amount to 11.6 million YGG tokens, worth a staggering $7.11 million USD.
Sfermion, yet another early investor, claimed and deposited 1.2 million YGG tokens (approximately $735,000 USD) onto Binance via FalconX just 11 hours ago. Meanwhile, DWF Labs made the most recent deposit, transferring the last batch of 3.65 million YGG tokens (approximately $2.1 million USD) to Binance a mere one hour ago.
The data further reveals that DWF Labs has received a total of 29.13 million YGG tokens (equivalent to around $16 million USD) from the Yield Guild Games Treasury throughout the past year. Notably, all of these tokens have been transferred to various exchanges, signifying a clear intention to liquidate their holdings.
DWF Labs deposited the last 3.65M $YGG ($2.1M) to #Binance 1 hour ago.
DWF Labs received a total of 29.13M $YGG ($16M) from Yield Guild Games Treasury in the past year and transferred all of $YGG to exchanges.https://t.co/ChF6p9L6sS pic.twitter.com/zV3dXb37P4
— Lookonchain (@lookonchain) August 6, 2023
As the news of YGG’s remarkable price surge and the actions of early investors unfold, it is essential to consider the implications for the gaming platform and its community. While YGG’s price surge might be an exciting development for investors, it also raises questions about the platform’s stability and the potential impact of such large sell-offs on the broader YGG ecosystem.
It remains to be seen how Yield Guild Games will respond to this surge in interest and the influx of YGG tokens on exchanges. Furthermore, it will be crucial for the platform’s management to address concerns and maintain a transparent dialogue with its community to foster trust and ensure the sustainable growth of their gaming ecosystem.
Read more:
- Yield Guild Games Secures $13.8M Token Sale Round With Support From A16z
- Yield Guild Games (YGG) Token Skyrockets Over 90% After Binance U-Based Perpetual Contract Launch