An Ethereum (ETH) gaming altcoin exploded in price over the past week before retracing after a series of whales sent their stacks to crypto exchanges.

Yield Guild Games (YGG), a blockchain-based play-to-earn gaming decentralized autonomous organization (DAO), saw its native token rally from trading at around $0.18 one week ago to a high of nearly $0.75 on Monday, an increase of 317%.

YGG, however, has since crashed by nearly 50% from that high and is trading around $0.376 at time of writing.

Blockchain tracker Lookonchain notes that a series of whale transactions in previous days preceded YGG’s massive volatility on Monday.

Wintermute, an algorithmic digital asset trading firm, moved around 13.6 million YGG to Binance and Kraken between Thursday and Monday, according to Etherscan and blockchain intelligence firm Arkham.

The digital asset venture capital firm Youbi Capital also transferred around 5 million YGG onto Binance on Sunday and Monday, Lookonchain and Etherscan report.

Sfermion, a multi-strategy investment firm, claimed 1.2M YGG and deposited it to Binance through the institutional crypto trading platform FalconX.

Since the YGG troves were deposited to crypto exchanges, they could be potentially sold on the open market.

Yield Guild Games lets users stake its native YGG tokens into “vaults” to purchase in-game currency, invest in virtual non-fungible tokens (NFTs), earn other altcoins, pay service fees and participate in the group’s governance.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Big Players Gear Up To Unload Bags of Ethereum Gaming Altcoin That Rose 316% in Less Than a Week: On-Chain Data appeared first on The Daily Hodl.

An Ethereum (ETH) gaming altcoin exploded in price over the past week before retracing after a series of whales sent their stacks to crypto exchanges.

Yield Guild Games (YGG), a blockchain-based play-to-earn gaming decentralized autonomous organization (DAO), saw its native token rally from trading at around $0.18 one week ago to a high of nearly $0.75 on Monday, an increase of 317%.

YGG, however, has since crashed by nearly 50% from that high and is trading around $0.376 at time of writing.

Blockchain tracker Lookonchain notes that a series of whale transactions in previous days preceded YGG’s massive volatility on Monday.

Wintermute, an algorithmic digital asset trading firm, moved around 13.6 million YGG to Binance and Kraken between Thursday and Monday, according to Etherscan and blockchain intelligence firm Arkham.

The digital asset venture capital firm Youbi Capital also transferred around 5 million YGG onto Binance on Sunday and Monday, Lookonchain and Etherscan report.

Sfermion, a multi-strategy investment firm, claimed 1.2M YGG and deposited it to Binance through the institutional crypto trading platform FalconX.

Since the YGG troves were deposited to crypto exchanges, they could be potentially sold on the open market.

Yield Guild Games lets users stake its native YGG tokens into “vaults” to purchase in-game currency, invest in virtual non-fungible tokens (NFTs), earn other altcoins, pay service fees and participate in the group’s governance.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Big Players Gear Up To Unload Bags of Ethereum Gaming Altcoin That Rose 316% in Less Than a Week: On-Chain Data appeared first on The Daily Hodl.