After court approval Order Bankrupt U.S. Crypto Brokerage to Repay Its Clients Voyager Digital Will make its existing customers complete.
Interest in the company’s native token, VGX, has dissipated as repayments are about to begin.This, after the price of altcoins Unite 100% reduction within 7 days of filing for bankruptcy.
With more VGX tokens leaving exchanges than entering, the only conclusion that can be drawn is that investors have started exiting their positions.
What the 24-hour graph says
At press time, VGX is trading at $0.3599, down 2% over the past 24 hours. The volume recorded during the same period was $4,545,647, and the token’s trading activity dropped by 50%.
On the daily chart, selling pressure on VGX is starting to rebound. As a result, its relative strength index stood at 46.31. Although its Money Flow Index is as high as 73, the difference usually indicates a decline in buying pressure.
The MACD has been represented by a red histogram since July 30, albeit for a short period. Also, on the same day, the MACD line intersected the trend line in a downtrend, indicating the start of a bear market rally.
There is not much difference on the 4-hour chart. At press time, an ongoing sell-off in VGX is underway, with the RSI and MFI around the 48 and 55 indices, respectively.
The token is valued at $0.3599, which is 97.13% below its all-time high of $12.54 on January 5, 2018.
The price of VGX has risen 78% since Voyager filed for bankruptcy protection on July 5. However, its token did not see much network activity in the last month amid greater uncertainty surrounding the future of the crypto brokerage. After hitting a high of 25 daily active addresses on July 13, when the price of alt rose to a high of $0.59, the unique addresses trading VGX daily dropped by 92%. As of press time, this boils down to two active addresses.
The number of new addresses created on the VGX network has also gradually declined since July 13. Only one new address was discovered at press time, and new addresses on the network dropped by 88%.
A drop in token network activity means that traders have less interaction with alt. Further price declines are expected as investors continue to stay away from VGX.
Over the past month, VGX whales have gradually reduced their total token supply holdings as more doubts about the company’s future surfaced.
Finally, at press time, VGX tokens represent 42.76% of the total supply.