DWF Labs, a prominent cryptocurrency institutional investor, has sold half of its tokens in Yield Guild Games (YGG), a decentralized gaming platform that allows gamers to generate income by playing blockchain-based games.
According to Etherscan data, DWF Labs transferred 3.65 million YGG tokens to Binance, the largest cryptocurrency exchange by trading volume, at a price of $0.144 per token, for a total of $524,000.
The trade started as YGG price started to recover from recent lows.
This isn't the first time DWF Labs has liquidated YGG assets. 126 days ago, this investor sold 700,000 YGG tokens at a price of $0.292 per token, for a total of $204.000 to Binance.
In September 2022, DWF Labs received a total of 29.2 million YGG from the Yield treasury and had accumulated an additional 120,000 YGG ($56.8) from Kucoin and Crypto.com at an average of $0.474.
They then disposed of a total of 25.6 million YGG at an average of $0.307 ($7.85 million) in 2022, mostly when YGG was still above $0.3.
DWF Labs still has 3.65 million YGG tokens in its wallet worth $529,000 at the current price of $0.145 per token. However, this only represents 50% of the company's original position in YGG.
*Not investment advice.
