This Gaming Altcoin Surged Over 300% in Under a Week – What’s Next?
A surge in the value of an alternate Ethereum (ETH) gaming coin took place in the last week, but it later retreated following a sequence of significant transactions by large holders to cryptocurrency exchanges.
Yield Guild Games (YGG), a DAO focused on blockchain-based play-to-earn gaming, observed its original token’s value surge from approximately $0.18 a week ago to a peak of nearly $0.75 on Monday, marking an impressive 317% increase.
Subsequently, YGG experienced a decline of almost 50% from that peak and is currently trading at roughly $0.376.
Observations from Lookonchain, a blockchain tracking platform, revealed that a series of substantial transactions by major stakeholders preceded the considerable volatility of YGG on Monday.
Over the period spanning from Thursday to Monday, Wintermute, an algorithmic digital asset trading firm, shifted approximately 13.6 million YGG tokens to Binance and Kraken, as confirmed by Etherscan and blockchain intelligence firm Arkham.
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Youbi Capital, a digital asset venture capital firm, also moved around 5 million YGG tokens onto the Binance exchange on Sunday and Monday, as reported by Lookonchain and Etherscan.
Investors continue to dump $YGG!
Youbi Capital deposited 1M $YGG($613K) to #Binance 9 hrs ago and currently holds 11.6M $YGG($7.11M).https://t.co/mISJd4Mya0
Sfermion claimed 1.2M $YGG ($735K) and deposited to #Binance through #FalconX 11 hrs ago.https://t.co/ddQPqOp2VZ pic.twitter.com/RfSp2BAecO
— Lookonchain (@lookonchain) August 7, 2023
Sfermion, a multi-strategy investment firm, acquired and placed 1.2 million YGG tokens into Binance via the FalconX institutional crypto trading platform.
The act of depositing these YGG token holdings onto cryptocurrency exchanges implies the potential for these tokens to be sold on the open market.
Yield Guild Games provides users with the opportunity to stake their native YGG tokens within “vaults” for purposes such as acquiring in-game currency, investing in virtual non-fungible tokens (NFTs), earning other alternative coins, covering service fees, and engaging in the organization’s governance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
