Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

32 Whales Crashed the Token Launch of Yield Guild Games $YGG

Published 07/28/2021, 06:27 AM
Updated 07/28/2021, 06:30 AM
32 Whales Crashed the Token Launch of Yield Guild Games $YGG

32 Whales Crashed the Token Launch of Yield Guild Games $YGG

  • Yield Guild Games has recently launched its YGG community token.
  • The entire supply was gone in seconds when 32 whales bought the 25 million tokens.
  • The initial price of the token was set too low at $0.50.

Yield Guild Games, the popular play-to-earn gaming guild, has recently launched its YGG community token. However, the entire supply was gone in seconds when 32 whales bought the 25 million tokens.

According to reports, the investment DAO focused on the use of NFTs, has raised a total of $12.5 million in just 31 seconds. It launched its YGG token on SushiSwap’s MISO launchpad via Initial DEX Offering (IDO) yesterday. The IDO was ran using a Dutch auction method wherein the price drops until all tokens are sold.

Of note, IDOs often use this method to avoid token scalping and to give smaller-scale investors a chance to buy. This time though, it seems the initial price of the token was set too low, as whales proceeded to buy the entire offering in a matter of seconds. Tokens were initially priced at $0.50.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.