- Yield Guild Games has recently launched its YGG community token.
- The entire supply was gone in seconds when 32 whales bought the 25 million tokens.
- The initial price of the token was set too low at $0.50.
Yield Guild Games, the popular play-to-earn gaming guild, has recently launched its YGG community token. However, the entire supply was gone in seconds when 32 whales bought the 25 million tokens.
According to reports, the investment DAO focused on the use of NFTs, has raised a total of $12.5 million in just 31 seconds. It launched its YGG token on SushiSwap’s MISO launchpad via Initial DEX Offering (IDO) yesterday. The IDO was ran using a Dutch auction method wherein the price drops until all tokens are sold.
Of note, IDOs often use this method to avoid token scalping and to give smaller-scale investors a chance to buy. This time though, it seems the initial price of the token was set too low, as whales proceeded to buy the entire offering in a matter of seconds. Tokens were initially priced at $0.50.