After a recent surge, YGG price is now experiencing a downfall with over 22% decrease in the last 24 hours. The coin is now trading at $0.42.
Renowned Twitter analyst Altcoin Sherpa recently shared his insights on $YGG, cautioning investors about the potential pitfalls of holding onto this particular asset long-term.
He mentioned, “$YGG: Down 90% and sat on your bag for a year? No worries, crypto undoes all of that in just a few weeks. There is no second best market. (this is a good time to get out of your dead bag fwiw).”
Following his initial insights, Altcoin Sherpa light-heartedly advised against holding onto $YGG for the long haul. He emphasized the current appeal of trading due to its volatility and liquidity but strongly recommended against securing it as a long-term investment, suggesting that its value might plummet even further in the future.
In a related development, Lookonchain highlighted a significant move by Youbi Capital, noting that they prepared to deposit 2M $YGG ($1.26M) to #Binance. This deposit came shortly after the price of $YGG surged and after they already moved 2M $YGG one hour prior. Currently, Youbi Capital holds a substantial amount of 7.6M $YGG, valued at approximately $4.8M. Details here.
The recent actions observed in the market, particularly the significant deposits by Youbi Capital, have sparked speculation among crypto enthusiasts and analysts. Many in the community are interpreting these moves as potential indicators of an impending price decrease for $YGG. Such large-scale transactions often influence market sentiment, and in the unpredictable realm of cryptocurrencies, they can be precursors to notable price shifts.
“Time to dump it” was one of the comments on Lookonchain’s analyses by another top trader.
It’s evident that the crypto landscape remains as unpredictable as ever, with top-notch analysts and traders like Altcoin Sherpa and others continuously providing valuable insights to navigate these volatile waters.
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