Gate News message, May 27, according to Gate market data, as of the time of publication, ESPORTS (Yooldo) is trading at $0.0664. It rose 46.83% over the past 24 hours, with a high of $0.0901 and a low of $0.0384. The 24-hour trading volume reached $7.4656 million. The current market cap is approximately $10.7435 million.
Yooldo is a multi-chain Web3 gaming platform that simplifies onboarding through an interface similar to that of centralized exchanges, while enabling true digital ownership via NFTs and token-based assets. Yooldo is supported by many leading partners including Consensys and Linea, and its multi-game universe is driven by the ESPORTS token.
Yooldo continues to explore viable Web3 gaming models while developing complementary service products to enrich the Web3 ecosystem. Seamless Layer 2 network and cross-chain bridge integrations make fast, low-cost gaming operations possible across platforms such as Ethereum, Linea, and BNB Chain.
Since 2021, the Yooldo team has left a strong impression on the market with their focus and expertise, reflected in various projects and ongoing delivery. In addition to winning more than 10 hackathon competitions, Yooldo is rewriting the GameFi playbook for Web2 players and Web3 users.
ESPORTS recent important news:
1️⃣ Large-scale dumping by project-related addresses triggers extreme market volatility
Over the past week, multiple addresses associated with the ESPORTS project concentrated on selling tokens on the BSC chain, with a cumulative sell of more than 253,000,000 ESPORTS, accounting for 28% of total supply, and raising over $17.29 million in cash proceeds. These addresses unlocked over 60,000,000 tokens from Gnosis Safe multi-sig vaults, causing the token price to plunge from $0.7 to around $0.035 in a short period, a drop of more than 95%.
2️⃣ Market maker participation and widening basis between futures and spot
On-chain analysis shows that DWF Labs is suspected to be the market maker for ESPORTS. Related addresses had deposited 19,900,000 tokens to a trading platform (worth $13.9 million). During the ongoing sell-offs, extreme price spreads emerged between the ESPORTS contract and spot, at one point exceeding 40%. Currently, there is a 22% price gap between the perpetual contract marked price and spot, and the contract funding rate has turned negative.
3️⃣ Suspicions of market manipulation and links to multiple BSC tokens
On-chain detectives pointed out that an entity linked ESPORTS, RIVER, LIGHT, and other BSC tokens through a Sablier beneficiary contract. The entity has a direct connection to the three signers of LAB’s multi-sig. These tokens have all shown signs of market manipulation on centralized trading platforms, leading to widespread doubts from the market about the project’s governance and information disclosure.
This news is not investment advice; investors should be mindful of the risks of market volatility.
