Yield Guild Games (YGG) is facing a persistent bearish trend, with its value declining across all time frames.
As of today, YGG has lost an additional 7%. CoinMarketCap data reveals a steep decline of 23% over the past week, 47% over the past month, and a significant 65% over the last 90 days.
Recent on-chain reports highlight substantial token movements. A wallet, identified as 0x992 and speculated to belong to Arca, deposited 9.1 million YGG tokens, valued at approximately $4.28 million, to Binance within the last 24 hours. This is particularly notable because this wallet accumulated these tokens three months ago for $9.7 million. If these tokens are sold at the current price, the loss would be around $5.4 million.
Sometimes, whale has to cut-loss.
9 hours ago, a wallet 0x992 (may belong to @arca) deposited 9.1M $YGG (~$4.28M) to #Binance
3 months ago, they accumulated those tokens for $9.7M.
If sold at current price, they will have a loss ~$5.4M.
Address:https://t.co/LBs1IZ8d5k pic.twitter.com/WpHFqPcJBB
— The Data Nerd (@OnchainDataNerd) July 9, 2024
YGG Token Unlocks And Impact On Prices
Further compounding the market pressure, on June 27, YGG unlocked $7.5 million worth of tokens. Another unlock is scheduled for July 27, which will see additional locked tokens released into circulation. This impending increase in supply could further affect the token’s market dynamics.
On July 27, some of the locked tokens of YGG coin will be unlocked and put into circulation.$YGG 's total market value is $174.70M. The market value of the tokens to be unlocked is $7.57M. (%3.78)https://t.co/Rc6vlhRtms #YGG #YieldGuildGames #Binance
— Patoshies (@patoshies) July 6, 2024
YGG’s total market capitalization currently stands at $165 million. The continuous decline and substantial token movements highlight a challenging period for YGG, with significant market and investor implications.
These factors combined suggest a cautious outlook for YGG in the short term, especially with the upcoming token unlock. Investors and stakeholders will be closely monitoring the situation to gauge potential market reactions and adjust their strategies accordingly.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: Vintage Tone/Shutterstock.com