Yield Guild Games (YGG) is facing a sustained bearish trend, with its value dropping across all time frames.
As of today, YGG has fallen a further 7%, with a massive drop of 23% over the past week, 47% over the past month, and 65% over the past 90 days, according to data from CoinMarketCap.
Recent on-chain reports have highlighted significant movement in the token. A wallet identified as 0x992 and believed to belong to Arca deposited 9.1 million YGG tokens, worth approximately $4.28 million, to Binance in the past 24 hours. This is particularly noteworthy as the wallet accumulated these tokens for $9.7 million three months ago. If these tokens were sold at current prices, the loss would be approximately $5.4 million.
Sometimes, whales have to cut their losses.
9 hours ago, wallet 0x992 (probably Arca) 9.1 million yen was deposited $YGG (approximately $4.28 million) #Binance
Three months ago, they raised $9.7 million for those tokens.
Selling at current prices would result in a loss of approximately $5.4 million.
Address: https://t.co/LBs1IZ8d5k pic.twitter.com/WpHFqPcJBB
— Data Nerd (@OnchainDataNerd) July 9, 2024
YGG Token Unlocking and Its Impact on Price
On June 27, YGG unlocked $7.5 million worth of tokens, further increasing market pressure. Another unlock is scheduled for July 27, which will bring even more locked tokens into circulation. This impending supply increase may further influence the token’s market trends.
On July 27th, a portion of the locked YGG Coin tokens will be unlocked and put into circulation.$YGG Total market cap of $174.7 million. Unlocked tokens market cap of $7.57 million. (%3.78)https://t.co/Rc6vlhRtms #YGG #YieldGuildGame #Binance
— Patoshies (@patoshies) July 6, 2024
YGG’s market cap currently stands at $165 million. The continued decline and significant token fluctuations highlight tough times for YGG, with significant implications for the market and investors.
These factors taken together suggest a cautious outlook for YGG in the short term, especially as the token unlock approaches. Investors and stakeholders will be closely monitoring the situation to gauge potential market reaction and adjust their strategies accordingly.
Disclosure: This is not trading or investment advice. Always do your research before buying cryptocurrency or investing in any service.
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