Big Players Gear Up To Unload Bags of Ethereum Gaming Altcoin That Rose 316% in Less Than a Week: On-Chain Data
An Ethereum (ETH) gaming altcoin exploded in worth over the previous week earlier than retracing after a collection of whales despatched their stacks to crypto exchanges.
Yield Guild Video games (YGG), a blockchain-based play-to-earn gaming decentralized autonomous group (DAO), noticed its native token rally from buying and selling at round $0.18 one week in the past to a excessive of almost $0.75 on Monday, a rise of 317%.
YGG, nevertheless, has since crashed by almost 50% from that top and is buying and selling round $0.376 at time of writing.
Blockchain tracker Lookonchain notes {that a} collection of whale transactions in earlier days preceded YGG’s large volatility on Monday.
Wintermute, an algorithmic digital asset buying and selling agency, moved round 13.6 million YGG to Binance and Kraken between Thursday and Monday, in response to Etherscan and blockchain intelligence agency Arkham.
The digital asset enterprise capital agency Youbi Capital additionally transferred round 5 million YGG onto Binance on Sunday and Monday, Lookonchain and Etherscan report.
Sfermion, a multi-strategy funding agency, claimed 1.2M YGG and deposited it to Binance by the institutional crypto buying and selling platform FalconX.
For the reason that YGG troves had been deposited to crypto exchanges, they could possibly be doubtlessly bought on the open market.
Yield Guild Video games lets customers stake its native YGG tokens into “vaults” to buy in-game forex, spend money on digital non-fungible tokens (NFTs), earn different altcoins, pay service charges and take part within the group’s governance.
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