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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Generated Image: Midjourney
