Blockchain gaming team Yield Guild Games (YGG) has performed a $1 million buyback of YGG tokens.
Developers are believed to be the usage of earnings from the sport to buyback the sport.
In keeping with data from onchain analyst Ember, the company withdrew 5.87 million YGG tokens from the bogus the day previous after transferring 1 million USDT to Binance two days within the past. The in vogue buyback mark changed into as soon as $0.17.
Analysts suggest that the funds stale for the buyback would possibly perhaps perhaps even enjoy attain from YGG’s gaming earnings. The corporate’s first homegrown sport, LOLLand, has generated approximately $1 million in earnings within the final 30 days.
At press time, the YGG token is trading at $0.1539, down 11.03% on the day. The token has misplaced 98.65% of its value since its height of $11.50 in November 2021, and reached a low of $0.1192 in June 2023.
In the meantime, the final cryptocurrency market is for the time being in a bearish mood. Bitcoin has misplaced approximately 10% of its value from its all-time high.
*Right here’s no longer investment advice.
