Axie Infinity, YGG and Sandbox prices could rally with the upcoming Web3 Games Summit
- The Yield Guild Games Web3 Summit will be held on November 18, fueling bullish outlook among gaming token holders.
- Market participants gear up for Axie Infinity, Yield Guild Games and Sandbox co-founders to speak at the Summit.
- Large wallet addresses have been accumulating AXS, YGG and SAND tokens ahead of the event, according to on-chain data.
The Yield Guild Games Web3 Summit will be held between November 18 and 25. The event is expected to bring together gaming enthusiasts and market participants holding gaming and Web3 tokens like Axie Infinity (AXS), Yield Guild Games (YGG) and Sandbox (SAND).
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YGG Games Web3 Summit begins on November 18
Yield Guild Games is powering a Web3 games event, bringing together 40+ gaming platforms, ecosystems and game developers. Skymavis, the developer of the Axie Infinity game, is invited to the event. AXS token holders anticipate announcements on the future of Axie Infinity game and an opportunity to win elements of the game play like “Origin Axies.”
Built the #1 Blockchain game, @AxieInfinity, and took many Filipino fans to the moon!
— YGG Web3 Games Summit #W3GS (@YGGEvents) November 17, 2023
Let’s give it up for @SkyMavisHQ, attending our YGG Web3 Games Summit! Sky Mavis is a tech powerhouse on a mission to empower gamers with digital property rights and specializes in… pic.twitter.com/Ao2J6wZRV3
AXS, YGG and SAND token holders are likely anticipating announcements or updates during the event, therefore large wallet addresses of these tokens have accumulated the assets consistently over the past few weeks and months.
Activity of whale wallets influences the prices of these assets as the top 20 addresses holding AXS, YGG and SAND account for 96.76%, 93.26% and 80% of the token’s total supply, respectively. Whale wallet activity, therefore, has an influence on these assets' prices.
Crypto intelligence provider Lookonchain identified whale wallets that scooped up these assets from centralized exchanges. According to Lookonchain data, a whale wallet withdrew 25,871 AXS tokens worth $158,000 from a crypto exchange KuCoin, on November 15.
AXS tokens withdrawn from KuCoin
Whale wallets “0x6dd2” and “0xefc2” withdrew 1.11 million YGG (worth $440,000) and 650,961 YGG (worth $257,000) from Binance. The withdrawals by the two whale wallets reduced the selling pressure on the YGG token, supporting a bullish thesis.
A whale wallet "0x3166", withdrew 1.02 million SAND tokens (worth $434,000) from Binance on November 16. The activity of whale wallets ahead of the YGG Web3 Games Summit is fueling a bullish thesis for the tokens’ holders. It remains to be seen whether whales will engage in profit-taking during or after the event or continue accumulating in response to announcements and updates from the projects during the summit.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
