- Lookonchain has observed an ongoing dump of YGG tokens by investors.
- Significant amounts of YGG were transferred by investors to centralized exchanges.
- The nature of the transfers suggested an imminent YGG dump after a recent price rally.
Lookonchain, the smartmoney on-chain platform, has observed an ongoing dump of YGG tokens by investors. In a recent tweet, the crypto on-chain data platform noticed significant YGG transfers into centralized exchanges. The nature of the transfers suggested an imminent YGG dump after a recent price rally.
According to Lookonchain, Youbi Capital deposited One million YGG, equivalent to $613,000, to the Binance exchange and currently holds 11.6 million YGG, worth $7.11 million. Lookonchain also observed that Sfermion, a multi-strategy investment firm focused on the immersive internet, claimed 1.2 million YGG tokens.
The value of the tokens claimed by Sfermion was worth $735,000, and the investment firm deposited the YGG tokens into the Binance exchange through FalconX, an institutional crypto trading platform.
Lookonchain noted other significant transactions involving YGG, including that of Wintermute Trading, an algorithmic trading firm in digital assets. According to Lookonchain, Wintermute Trading has deposited 11.1 million YGG tokens worth $6.7 million across multiple crypto exchanges in the past four days. After making those deposits, the algorithmic trading firm held 2.5 million YGG, equivalent to $1.5 million.
Before the identified YGG deposits into crypto exchanges, the native utility and governance token of the Yield Guild Games platform experienced a 250% price surge in the space of seven days. However, early signs of a pullback have emerged following the deposits to centralized exchanges. YGG’s price dropped from $0.62 to $0.55 in the early hours of Monday, 7 August.
Some respondents to Lookonchain’s tweet expressed their reservations about the nature of YGG’s price movement in the recent past. While some suspected foul play among YGG’s handlers, one respondent thinks the nature of the price movement results from an exit pump on altcoins across the board.
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