Yield Guild Games (YGG) Price Surge
The price of Yield Guild Games (YGG) has risen more than 280% in the past five days, despite the current stall in Bitcoin. It has also experienced 18% gains in the last 24 hours. However, the market believes these gains may be temporary. Wintermute Trading has deposited a total of 11.1M YGG to exchanges in the past four days and currently holds 2.5M YGG.
YGG Speculated as Pump & Dump
Yield Guild Games token is being speculated as a new pump-and-dump GameFi token in the market. Traders consider the recent surge in value as a “pump by the insiders.” The sudden movement of major whales depositing their large holdings of YGG tokens into exchanges has raised questions and led to speculation of a pump-and-dump scheme.
Short-selling Activity and Bearish Sentiment
The deposit of YGG tokens by major whales triggered a surge in short-selling activity for the token. A consistently negative funding rate for YGG indicates a bearish sentiment, suggesting that traders expect cryptocurrency prices to fall and a bearish trend reversal may occur.
YGG Price Analysis and Market Speculation
The YGG/USD trading pair indicates a continuation of a bullish trend, with limited indications of an imminent reversal. Market observers speculate that whales may potentially target $1.0000 for initiating coin dumping, representing a substantial 60% increase from the current price level. Alternative coin WSM is gaining attention and showing potential for lucrative returns.
WSM Presale and Potential Gains
The presale of WSM tokens has amassed over $22.073 million and shows promise for a listing on major crypto exchanges. With solid fundamentals and the support of a strong community, experts anticipate potential gains for WSM upon its exchange listing.
Hot Take: The sudden surge in the price of YGG raises concerns about its legitimacy, with speculation of a pump-and-dump scheme. Traders should exercise caution and do proper risk management. Meanwhile, WSM presents a compelling opportunity for savvy investors with its presale and potential for lucrative returns.
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