Site icon Mohakeem

What you need to know about Voyager and VGX’s connected fortunes

Following a court granted to order to repay its clients, the bankrupt US-based crypto brokerage Voyager Digital is set up to make its existing customers whole.

With the redemption about to begin, interest in the company’s native token, VGX, has subsided. This, after the price of the altcoin collected by 100% within seven days of the bankruptcy filing.

With more VGX tokens leaving exchanges than coming in, the only conclusion that can be drawn is that investors have started to exit their positions.

What does the 24-hour chart say?

VGX traded hands at $0.3599, at the time of writing, and is down 2% in the last 24 hours. With trading volume of $4,545,647 registered over the same period, a 50% drop was registered in the token’s trading activity.

On the daily chart, selling pressure for VGX has started to mount. As a result, the Relative Strength Index stood at 46.31. While the money flow index was seen at a high of 73, this kind of inequality usually points to a decrease in buying pressure.

Since July 30, the MACD is represented by red histogram bars, albeit short. On the same day, the MACD line also crossed the trendline in a downtrend, signaling the start of a bear rally.

Source: TradingView

There wasn’t much else on the 4-hour chart. At the time of writing, a sustained sell-off of VGX was underway with the RSI and MFI around the 48 and 55 indices, respectively.

Valued at $0.3599, the token trailed 97.13% from its all-time high of $12.54 – a value recorded on January 5, 2018.

Performance on the chain

Since Voyager filed for bankruptcy on July 5, the price of VGX has increased by 78%. However, with greater uncertainty over the crypto brokerage’s future, its token has not seen much network activity in the past month. After a record 25 daily active addresses on July 13, when the price of the alt rose to $0.59, unique addresses trading VGX daily fell 92%. At the time of going to press, these were still two active addresses.

The number of new addresses created on the VGX network has also gradually decreased since 13 July. With only one new address noted at the time of going to press, new addresses on the network fell by 88%.

A decrease in a coin’s network activity means a lower interaction with the alt by traders. Further price decline is to be expected as investors continue to look away from VGX.

Source: Santiment

Over the past month, VGX Whales have gradually reduced their holdings of the token’s total supply as more doubts surfaced about the company’s future.

Finally, the percentage of the total supply of VGX tokens was 42.76% at the time of printing.

Source: Santiment

Source link

Exit mobile version