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Yield Guild Games (YGG) Price Prediction: Will the Token Surge Amid Interest in Wall Street Memes?

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YGG

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Yield Guild Games (YGG) price has risen more than 280% in the previous five days, showing significant bullish momentum despite the current stall in Bitcoin (BTC).

It is still exhibiting 18% gains in the last 24 hours. However, the market believes these gains are temporary.

Yield Guild Games – New Pump & Dump?

Yield Guild Games token is speculated as a new pump-and-dump GameFi token in the market. Some traders consider the recent surge in value as a “pump by the insiders.”

After securing a listing on Binance Futures on August 5, the coin initially reacted to the positive development.

However, the sudden unusual movement by major whales, depositing their large holding of YGG tokens into exchanges, raised questions. As more and more whales piled in, speculation of a pump-and-dump scheme started to rise. Some examples include a 3.65M YGG deposit into the Binance exchange worth about $2.1M.

Furthermore, Youbi Capital holds an 11.6M YGG token worth about $7.11M. Similarly, the Sfermion claims $735K worth of 1.2M YGG tokens.

This triggered a fresh surge in short-selling activity for the token. Influential players are expected to sell off the coin once a specific price level is reached. Such an outcome would enable shorters to capitalize along.

However, this scenario pushed the trading volume of YGG above BTC and pushed the funding rate of the YGG token to a whopping -2.5%.

A consistently negative funding rate for an asset implies a bearish sentiment. This indicates that traders expect cryptocurrency prices to fall, and a bearish trend reversal will likely occur.

According to the market, the abrupt surge in the value of the $YGG coin is attributed to factors such as an airdrop and recent monthly token unlocking. Insiders, who initially acquired the coin at $0.01, seem to have capitalized on these events, timing a pump-and-dump strategy to profit from the price surge. This raises concerns about the legitimacy of the increase, considering the coin’s history and tactics used.

Yield Guild Games Price Analysis

The four-hour chart analysis of the YGG/USD trading pair indicates a continuation of a bullish trend. The price trajectory follows an ascending trendline (blue), displaying limited indications of an imminent reversal.

The positioning of the lower Exponential Moving Average (EMA) (orange) above the higher EMA (green) reinforces this trend. Moreover, the Moving Average Convergence Divergence (MACD) histograms residing above the zero line and the Stochastic Oscillator maintaining movement along the overbought line collectively suggest robust bullish trend momentum.

YGG price
TradingView: YGG/USD 4-hour chart

The ascending trendline establishes primary support. The previous all-time high at $0.5366 could serve as an initial support level. Should this level be breached, the subsequent support at $0.3181 is activated. Market observers speculate that whales may potentially target $1.0000 for initiating coin dumping, representing a substantial 60% increase from the current price level. Following this, expectations of a significant 83% dump prevail.

On DEXTools, the Yield Guild Games token boasts a market capitalization of $605.75 million. This is accompanied by a 24-hour trading volume of $2.82 million. The token’s reliability score is an impressive 99/99, accompanied by a 78.9% Community Trust rating.

Let us take a quick look at a promising alternative coin, WSM, a meme coin that has attracted the attention of leading industry sleuths.

Alternative to YGG

WSM is the ticker for the Wall Street Memes ecosystem. It is disrupting the crypto market with its WSM token sale, amassing over $22.073 million as of August 7. The movement’s genesis stems from the 2021 challenge against Wall Street. It has now materialized into the WSM token presale and Ordinals NFTs on the Bitcoin blockchain. Leveraging a robust community of over 1 million members across social media, prospects of a listing on major crypto exchanges appear promising.

The initiative’s commitment to community empowerment is evident, with 30% of the token supply earmarked for rewards. This includes potential airdrops. With eyes on the horizon, experts anticipate WSM’s potential gains upon its exchange listing. This renders the presale a compelling opportunity for savvy investors.

Underpinned by solid fundamentals, WSM’s trajectory demonstrates substantial potential for lucrative returns. As the presale progresses and surpasses the $22 million threshold, the influence of a crypto “whale” investment contributes to the project’s momentum.

In a riveting move, an unnamed investor boldly seized 460 $ETH worth of $WSM tokens on August 2, a formidable $840,000 investment. This came after an earlier commitment of 93 $ETH, catapulting their total $WSM investment to a million dollars.

WSM Presale

This fervent financial backing powered Wall Street Memes‘ presale beyond the $20 million mark, inching closer to its $30 million hard cap. Anticipation places this target for the next few weeks. The aura of mystery surrounding the investor’s identity has sparked intrigue. Now, speculations suggest a potential crypto influencer’s involvement.

Undeniably, this endorsement has solidified $WSM as one of 2023’s most promising crypto ventures. Aspiring participants can vie for a slice of the action by joining the Wall Street Memes Discord channel and completing engaging social media tasks for a chance to claim a share of the $50,000 worth of $WSM tokens up for grabs.

The current opportunity to acquire $WSM tokens at a mere $0.0331 per token remains enticing for shrewd investors. However, as the presale advances through Stage 28 of 30, time is running out for those seeking to dive into the action before Wall Street Memes makes its grand market debut.

Wall Street Memes’ allure extends even to influential figures like Elon Musk, who has interacted with the project’s Twitter account.

Bolstered by a strategic roadmap aimed at achieving a $1 billion market cap through strategic partnerships and high-profile exchange listings, WSM maintains a proactive approach to community engagement, further demonstrated by plans for an exclusive “gated community.”

As Wall Street Memes positions itself as a formidable contender among established meme coins, its unique narrative, dedicated community, and notable endorsements collectively position it for distinction within the dynamic crypto landscape.

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