According to the daily chart, the Yield Guild Games (YGG) token recently had a boom, climbing by 580% in less than a week before falling. When I wrote this on August 7, YGG was trading at $0.37 and had a market value of more than $101 million.
Chinese ADRs are flirting with the daily biggest loss since 2008, according to a Nasdaq index. High-yield dollar bonds of Chinese companies are also hurting, as shown in a colleague's chart. pic.twitter.com/sLdJZZXIuo
— Dave Wilson's Archive: Chart & Stock of the Day+ (@TheOneDave) July 23, 2021
Prices have since returned to the $0.99 level that they were earlier today, after the token experienced a 60% decline. Trading volumes have increased as a result of the recent jump and general volatility, with Binance and KuCoin seeing the majority of trading activity.
YGG Whales Dumping
Despite the project’s apparent progress, there have been rumors of venture capital (VC) firms walking away from the initiative and purportedly selling the token mostly on Binance. As an illustration, data from Lookonchain on August 7 reveals that Bitkraft Ventures and DWF Labs have transferred their YGG to Binance and are most likely going to sell.
— Guido Lange (@GuidoLange) August 7, 2023
The Yield Guild Games Treasury gave DWF Labs 29.13 million YGG last year. On-chain data reveals that the majority of these tokens have subsequently been transferred to exchanges.
To transfer cryptocurrencies to Binance, Bitkraft uses FalconX and Wintermute. Trackers reveal that over the last four days, 11.1 million YGG have been transferred to exchanges from the official Wintermute Trading wallet. 2.5 million YGG remain in the crypto market maker’s possession.
Partnership With Axie Infinity Developer
A gaming guild called Yield Guild Games specializes in play-to-earn (P2E) blockchain games. In order to traverse NFT gaming, the platform uses non-fungible tokens (NFTs) and has built a cooperative network of players and investors.
YGG and the creator of Axie Infinity collaborated to release SUPERQUESTS in the middle of July. According to Yield Guild Games, the feature seeks to make it possible for guild members to play Web3 games and gain access to better in-game rewards. They continued by saying that this move was a big step in giving members a better Web3 gaming experience.
TR3NDING: Sky Mavis, the developer of Axie Infinity, has recently announced partnerships with four gaming studios.
These partnerships aim to broaden their ecosystem and introduce new games into the Ronin Network. pic.twitter.com/vdXw7Eh62d
— Metav3rse (@themetav3rse) March 30, 2023
As token asset prices declined during 2022, NFT, metaverse, and blockchain gaming activity shrank quickly over time. Moreover, it appears that developers are discouraged by worries about regulatory enforcement. The AXS by Axie Infinity security was used as an example of an unregistered security by the United States Securities and Exchange Commission (SEC) in June.