The Yield Guild Video games (YGG) token lately surged, rising by 580% in lower than per week earlier than crashing, as seen within the day by day chart. YGG is at present altering fingers at $0.37 with a market capitalization of over $101 million when writing on August 7.
Costs have since retraced from the $0.99 recorded earlier right this moment because the token fell by over 60%. The latest spike and common volatility have seen buying and selling volumes soar as buying and selling exercise is concentrated on Binance and KuCoin.
YGG Whales Dumping
Amidst the notable development, there are reviews of enterprise capital (VC) firms that originally backed the venture, backing off and reportedly promoting the token totally on Binance. As an illustration, Lookonchain knowledge on August 7 exhibits that Bitkraft Ventures and DWF Labs have moved their YGG to Binance and can possible promote.
Final yr, DWF Labs acquired 29.13 million YGG from Yield Guild Video games Treasury. Nevertheless, on-chain knowledge exhibits that almost all of those tokens have since been moved to exchanges.
Bitkraft used Wintermute and FalconX to maneuver cash to Binance. Trackers present that the official Wintermute Buying and selling pockets has deposited 11.1 million YGG to exchanges over the previous 4 days. The crypto market maker nonetheless holds 2.5 million YGG.
Youbi Capital has additionally deposited 1 million YGG to Binance. Presently, it holds 11.6 million YGG. Sfermion can be becoming a member of the promoting bandwagon, which initially claimed 1.2 million YGG. It used FalconX, a supplier serving crypto whales, to deposit the token to Binance.
Partnership With Axie Infinity Developer
Yield Guild Video games is a gaming guild primarily specializing in play-to-earn (P2E) blockchain video games. As a group, the platform makes use of non-fungible tokens (NFTs) and has created a collaborative community of gamers and buyers to navigate NFT gaming.
In mid-July, YGG partnered with Axie Infinity’s developer to launch SUPERQUESTS. The function, Yield Guild Video games mentioned, goals to allow guild members to interact in web3 video games and earn enhanced in-game rewards. They added that this initiative was a big step in the direction of bettering the web3 gaming expertise for members.
Over the months, NFT, metaverse, and blockchain gaming exercise have quickly contracted as token asset costs fell all through 2022. Moreover, fears of regulatory crackdown look like discouraging builders. In June, the USA Securities and Change Fee (SEC) cited AXS by Axie Infinity for example of unregistered safety.
Characteristic picture from Canva, chart from TradingView