Blockchain gaming community Yield Guild Games (YGG) has conducted a $1 million buyback of YGG tokens.
Developers are believed to be using revenue from the game to buyback the game.
According to data from onchain analyst Ember, the company withdrew 5.87 million YGG tokens from the exchange yesterday after transferring 1 million USDT to Binance two days ago. The average buyback price was $0.17.
Analysts suggest that the funds used for the buyback may have come from YGG's gaming revenue. The company's first homegrown game, LOLLand, has 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.
Meanwhile, the entire cryptocurrency market is currently in a bearish mood. Bitcoin has lost approximately 10% of its value from its all-time high.
*This is not investment advice.
