An Ethereum (ETH) gaming altcoin exploded in price over the past week before bouncing back 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 around $0.18 a week ago to a high of nearly $0.75 on Monday , an increase of 317%.
However, YGG has since crashed nearly 50% from that high and is trading around $0.376 at the time of writing.
Blockchain tracker Lookonchain notes that a series of whale trades in previous days preceded YGG’s massive volatility on Monday.
Wintermute, an algorithmic digital asset trading company, moved about 13.6 million YGG to Binance And creak according to Thursday and Monday Ether scan and blockchain intelligence firm Arkham.
The digital asset venture capital firm Youbi Capital has also transferred about 5 million YGG Binance on Sunday and Monday, Look at chain And Ether scan report.
Sfermion, a multi-strategy investment company, claimed 1.2M YGG and deposited it with Binance through the institutional crypto trading platform FalconX.
Since the YGG treasures were deposited on crypto exchanges, they could potentially be sold on the open market.
Yield Guild Games allows users to stake their own YGG tokens in “vaults” to purchase in-game currency, invest in Virtual Non-Fungible Tokens (NFTs), earn other altcoins, pay service fees, and participate in the management of the group.
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Image generated: Midway through the journey