Voyager Token News: Why did VGX Rise by 100% Despite Voyager’s Insolvency Claims?

Voyager Digital’s native token, VGX, has seen a price increase in the recent few days. This week’s price increase of nearly 100% was brought about by investors’ short-squeeze reaction to the company’s recent problems.

The “#PumpVGXJuly18” trend on Twitter may possibly be to blame for the abrupt increase in price. MetaForm Labs, a crypto venture business made up of “a number of very early crypto investors,” is credited with starting this trend.

“boost and stabilize $VGX + $VOYG,” the trend stated in a tweet, before it “will be going onto the next phase: longevity.”

https://twitter.com/MetaFormLabs/status/1545870774120202241?s=20&t=bV20nVp0RVIauOvBxxJElg

 

Ashes to Ashes, a New Beginning

When Voyager Digital filed for Chapter 11 bankruptcy on July 5th, the VGX token’s value plummeted dramatically. However, in the last few days, the value of the token has surged significantly.

Five days ago, the token was trading at an index price of $0.19, and by 13 July, it had reached a high of $0.94. At the time of this writing, the VGX token was trading at $0.4576 per token, an increase of 136 percent in a five-day period. From $54.17 million to $127.14 million, the token’s market capitalization grew throughout this period.

The VGX cryptocurrency did not do well on a daily chart. The token’s price fell by 23.13 percent in the final 24 hours of the 15th of July. There was also an 83% drop in trade volume according to CoinMarketCap data during same time period.

At the time of this writing, the four-hour chart showed that the market was accumulating. Relative Strength Index was found at 54.49. Similarly, the Money Flow Index (MFI) recorded a reading of 69.49.

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Events that Occurred on the 13th of July.

Data from Santiment shows strong on-chain activity from the VGX token as it reached a high of $0.94 on 13 July. For instance, on July 13th, there were a total of 25 active VGX token trading addresses, a five-day high. There has been a decrease in network activity as of the time of this writing.

Additionally, on July 13th, the VGX network saw a record high of nine new addresses. On the previous day, only two addresses had been entered into the system. The token’s network growth index was back to two addresses at the time of publication.

Similarly, transaction volume, which had hit a low point of 82.69 on July 12 before surging to 4,944 by July 13 (a gain of nearly 5,000 percent). As of this writing, this number was 187, down 2,543 percent in just two days.

On the 13th of July, a considerable amount of VGX tokens were removed from exchanges as the price and other on-chain indicators reached new highs.

That resulted in a negative exchange flow balance of – 1332.58. As of this writing, this number stood at 790.