Skip to content
Fear & Greed30 Fear
Crypto market$2.65T−0.9%24h breadth196 up56 downBitcoin$77,298−1.4%Ethereum$2,241−0.1%Solana$96−1%XRP$1.25−0.4%BNB$704−2%Top gainersGWEI$0.021+21.3%SPK$0.020+18.9%BLUR$0.0091+18.7%Top losersBLAST$0.000016−22%BTW$1.26−17.9%SECZ$7.56−10.3%StocksNVDA$205−4.1%TSLA$400−0.9%AAPL$345−1.2%MSFT$522−1.6%COIN$144−10.6%
Advertisement
Yield Guild Games Token Launch Crashed by 32 Whales

Yield Guild Games Token Launch Crashed by 32 Whales

Shutterstock cover by Wongymark1

The entire offering of 25 million tokens was bought in seconds.

by Timothy Craig

2 min read

In Finance

Share

Add us on Google

Yield Guild Games has launched its new community token. However, only 32 addresses have bought the entire supply.  

Whales Buy YGG Token on Launch

The popular play-to-earn gaming guild Yield Guild Games launched its YGG community token via an initial DEX offering (IDO) Tuesday. Within seconds of the IDO going live, the entire offering of 25 million tokens was bought by only 32 different addresses for a combined value of $12.5 million. Of the 32 buyers, the largest single buy came in at 4.5 million tokens, presumed to be from a pool. 

Many hopeful buyers took to Twitter to voice their frustrations of being locked out of participation.

Advertisement

https://twitter.com/BeyondMimesis/status/1420022370794975234?s=20

According to an official blog post announcing the offering in June, the aim of the YGG token launch was to decentralize ownership of the guild to stakeholders and players. However, of a maximum of 87.9 million tokens, 25 million have been bought by 32 whales during the IDO. Yield Guild Games will distribute the remaining 62.9 million tokens to current guild members for their participation in the YGG community to date.

Conducted on SushiSwap’s MISO platform, the IDO was run using a Dutch auction method, where the price drops until all tokens are sold. IDOs often use this method to avoid token scalping and to give smaller-scale investors a chance to buy. This time, 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. 

YGG token auction
Source: MISO Marketplace

It’s likely that many have taken an interest in YGG following the surge in popularity of the play-to-earn game Axie Infinity. Over the last month, Axie Infinity has become the most profitable blockchain protocol, generating over $135 million in revenue and attracting more than 350,000 daily users. As Yield Guild Games is one of the biggest scholarship providers for Axie Infinity, the game’s success should also translate into guilds organizing around it.

Disclaimer: At the time of writing this article, the author owned BTC and ETH. 

Disclosure: This article was edited by Timothy Craig. For more information on how we create and review content, see our Editorial Policy.

More in Finance

See all
Previous storyReddit Tokens Soar on Ethereum Arbitrum Launch