Yield Guild Games Price Prediction: Is A Canine-Themed Token A Threat To YGG Dominance?

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Yield Guild Games (YGG) token surged 555% to $0.9990 but quickly dropped to $0.35 within 3 days. This sparked recovery concerns while prompting scrutiny of the sharp price swing.

Yield Guild Games (YGG): Navigating the Play-to-Earn Landscape

Yield Guild Games operates as a decentralized autonomous organization (DAO). This is with a unique focus on establishing gaming guilds as subDAOs within the Play-to-Earn (P2E) gaming sector. A noteworthy facet of YGG’s approach is its provision of scholarships. This allows players to access the required non-fungible tokens (NFTs) for participating in P2E games.

The revenue generated from these games is then shared with the NFT owners. The YGG token, pivotal to the ecosystem, empowers holders with voting rights and facilitates payment for network services. Additionally, it can be staked to earn supplementary rewards.

The Surge: Catalysts and Context

Multiple significant events prompted the surge in YGG token price. Yield Guild Games unveiled the fourth season of its Guild Advancement Program (GAP) on August 3.

It's time to get your G.A.P. on! The schedule for the week of fun and learning is out now! 🔥

Get ready to join the adventure and explore different quests, and remember to bring your friends! 🧑‍🤝‍🧑

Don't hesitate to hop in on our discord channel and join the fun!… pic.twitter.com/n96T7JXc52

— Yield Guild Games (@YieldGuild) August 7, 2023

This recurring gaming initiative rewards community members who complete specified quests in YGG-associated games. Renowned industry names like Splinterlands, Skyweaver, and Axie Infinity (AXS) are participating, amplifying the network’s utility.

Starting #AxieOrigins for the first time can be a little daunting 😬 Luckily, @kookoocryptotv is here to help you step by step! 🙌@AxieInfinity @gabusch @OwlOfMoistness @axiekingaruchan @AxieLima @nixeniego @AxieTonhaca #AxieInfinity #AxieOriginsS5 pic.twitter.com/2vVIJS9TFQ

— Yield Guild Games (@YieldGuild) August 2, 2023

Furthermore, Binance introduced the YGG/USDT trading pair with leverage to its catalog. This provided a fresh injection of approximately $100 million into the YGG ecosystem.

After #Binance launched $YGG U-based perpetual contracts, $YGG saw a 24-hour increase of over 70%.

its derivative futures trading volume hit $3.95 billion, trailing only BTC and ETH.

The large holder long-short ratio is 0.1936, and the holdings ratio is 0.7858. pic.twitter.com/AEtIzfYRTs

— OZARU Ventures (@OzaruLTD) August 6, 2023

Unraveling the Crash: Contributing Factors

The token’s decline, while seemingly sudden, exhibited prior indications through dwindling trading volume despite price increments. A 24% volume decrease to under $500 million transpired concurrently with a $17 million market cap increase, reaching $161 million. Reports indicated that venture capital firms, early backers of the YGG project, were poised to sell their shares on Binance.

DWF Labs deposited the last 3.65M $YGG ($2.1M) to #Binance 1 hour ago.

DWF Labs received a total of 29.13M $YGG ($16M) from Yield Guild Games Treasury in the past year and transferred all of $YGG to exchanges.https://t.co/ChF6p9L6sS pic.twitter.com/zV3dXb37P4

— Lookonchain (@lookonchain) August 6, 2023

Notable firms such as Bitkraft Ventures and DWF Labs transferred their holdings to the exchange. This pointed to intentions to sell. Wintermute Trading, another significant holder, made substantial token deposits to businesses, while Youbi Capital also moved tokens to Binance. These actions signaled readiness to trade or liquidate holdings. This intensified selling pressure, likely contributing to the price downturn.

Investors continue to dump $YGG!

Youbi Capital deposited 1M $YGG($613K) to #Binance 9 hrs ago and currently holds 11.6M $YGG($7.11M).https://t.co/mISJd4Mya0

Sfermion claimed 1.2M $YGG ($735K) and deposited to #Binance through #FalconX 11 hrs ago.https://t.co/ddQPqOp2VZ pic.twitter.com/RfSp2BAecO

— Lookonchain (@lookonchain) August 7, 2023

P2E Landscape and Challenges

While YGG’s P2E model has garnered attention, recent developments in the broader NFT market have posed challenges. A decrease in player interest in P2E games coincides with an ongoing downturn in the NFT market. Axie Infinity, a prominent game integrated with YGG, has witnessed diminishing new account creations, as reported by Dune query.

Similarly, the YGG token has also been facing a decline in new account creations. Furthermore, the regulatory scrutiny by the United States Securities and Exchange Commission (SEC) has also dampened sentiment. This came after the financial regulator labeled specific P2E projects as securities offerings.

https://twitter.com/UpOnegg/status/1665792745028329475

Yield Guild Games Price Analysis

The four-hour chart for the YGG/USDT trading pair reflects a significant loss, erasing over half of its recent gains. Prices swiftly reversed after a remarkable +555% surge from July 25 to August 7. This saw it shed around 85% of those gains in just three days. Presently, the pair finds support at the 78% Fibonacci Retracement level ($0.3352), preventing further declines.

YGG price — TradingPair: YGG/USDT 4-hour chart

The coin’s future trajectory is uncertain due to conflicting indicators—the Relative Strength Index (RSI) hovers near the midpoint, indicating market indecision. Conversely, red Awesome Oscillators (AO) histograms below zero suggest potential price drops. This comes while the lower Exponential Moving Average (EMA) is positioned above the higher EMA, implying a rising trend.

In the event of selling pressure, the next support rests at $0.2253. Conversely, an upward move could lead prices past the 8EMA towards the 61% Fibonacci Retracement at $0.4766, potentially unimpeded.

Alternative to YGG

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— Cryptogains (@Cryptogains9) August 4, 2023

Shibie Coin’s Telegram channel is experiencing rapid growth, boasting a burgeoning community of over 1,200 members during its early stages. Notable cryptocurrency influencers like Crypto Gains, with over 107,000 subscribers, and Crypto Clinix have spotlighted the project’s potential in recent YouTube videos.

Continued Presale Success

🚀 First milestone reached on the $shibie #presale! The excitement's building, and it won't be long till we're moon-bound. Get on board now, don't miss the ride! #crypto #launch 🌕https://t.co/0vq6u6CXw2 pic.twitter.com/oSdB5ZFK0v

— Shibie Coin | Live (@ShibieCoin) August 8, 2023

Following its presale launch, Shibie Coin sustains its momentum, accumulating funds exceeding $235,000. Priced at $0.000167 per unit, the presale sets a modest hard cap of $999,999, prompting swift investor engagement.

As time progresses, all eyes remain fixed on Shibie Coin. While plans for CEX listings remain undisclosed, Shibie Coin’s captivating amalgamation of Barbie and Shiba Inu aesthetics could propel it to widespread popularity, particularly if embraced by a tier-one exchange.

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