The Yield Guild Games (YGG) team has announced a buyback of YGG tokens worth $1 million, utilizing revenue generated from their game.
YGG Token Buyback Details
Yield Guild Games executed a buyback of 5.87 million YGG tokens, according to onchain analysts from Ember. The company transferred 1 million USDT to Binance just two days prior to the buyback. The average buyback price was $0.17.
Financial Insights and Market Impact
Analysts suggest that the funds used for the buyback may have come from YGG's gaming revenue. The company's first homegrown game, LOLLand, generated approximately $1 million in revenue in the last 30 days. At press time, the YGG token is trading at $0.1539, down 11.03% on the day. The token has lost 98.65% of its value since its peak of $11.50 in November 2021, and reached a low of $0.1192 in June 2023.
Current Cryptocurrency Market Situation
The entire cryptocurrency market is currently exhibiting a bearish trend. Bitcoin has lost approximately 10% of its value from its all-time high.
YGG's future prospects in the market remain uncertain given the current bearish trend and significant depreciation in the token's value.
