The Yield Guild Games (YGG) token recently surged, rising by 580% in less than a week before crashing, as visible in the daily chart. YGG is currently changing hands at $0.37 with a market capitalization of over $101 million when writing on August 7.
Prices have since retraced from the $0.99 recorded earlier today as the token fell by over 60%. The recent spike and general volatility have seen trading volumes soar as trading activity is concentrated on Binance and KuCoin.
YGG Whales Dumping
Amidst the notable growth, there are reports of venture capital (VC) companies that initially backed the project, backing off and reportedly selling the token primarily on Binance. For instance, Lookonchain data on August 7 shows that Bitkraft Ventures and DWF Labs have moved their YGG to Binance and will likely sell.
Last year, DWF Labs received 29.13 million YGG from Yield Guild Games Treasury. However, on-chain data shows that most of these tokens have since been moved to exchanges.
Bitkra
We współpracy z: https://www.newsbtc.com/news/ygg-surged-580-before-crashing-whales-selling/
