The gaming community Yield Guild Games (YGG) has conducted a buyback of YGG tokens worth 1 million dollars.
It is believed that developers used the revenues obtained from the game for the buyback.
According to data from on-chain analyst Ember, two days ago the company transferred 1 million USDT to Binance and then withdrew 5.87 million YGG tokens from the exchange yesterday. The average buyback price was around 0.17 dollars.
Analysts suggest that the funds used for the buyback may have come from YGG's gaming revenues. The company's first self-developed game, LOLLand, generated about 1 million dollars in revenue over the last 30 days.
As of the time this news was written, YGG token is trading at 0.1539 dollars, showing a daily decline of 11.03%. The token has lost 98.65% of its value since reaching its peak of 11.50 dollars in November 2021, and it hit its lowest level at 0.1192 dollars in June 2023.
On the other hand, a bearish sentiment is prevailing in the entire cryptocurrency market today. The price of Bitcoin has lost approximately 10% from its all-time high price level.
Stay tuned for updates.