In the previous couple of days, VGX, the native token of the troubled crypto brokerage firm, Voyager Digital, took on an upward value rally. Surging by over 100% this week, the worth uptick took place as a result of quick squeeze initiated by buyers within the face of the corporate’s current troubles.
The sudden value growth will also be attributed to the “#PumpVGXJuly18” ongoing development on Twitter. This development was led by a crypto enterprise agency MetaForm Labs, which consists of “a bunch of very early crypto buyers.”
In a tweet, the entity noted that the development aimed to “pump and stabilize $VGX + $VOYG,” after which it “shall be transferring onto the following section: longevity.”
What’s subsequent?
After we pump and stabilize $VGX + $VOYG we shall be transferring onto the following section: longevityUtilizing our contacts and talents we shall be serving to @investvoyager patch over the cash misplaced by 3AC to carry them again to parity with their Liquidity #PumpVGXJuly18
— MetaFormLabs | #PumpVGXJuly18 (@MetaFormLabs) July 9, 2022
Rising from the ashes
The VGX token witnessed a major hunch in its value when Voyager Digital filed for Chapter 11 bankruptcy on 5 July. Nevertheless, the token has seen a large uptick in the previous couple of days.
At an index value of $0.19 5 days in the past, the token launched into an uptrend, forcing a excessive of $0.94 by 13 July. Exchanging arms at $0.4576 per VGX token at press time, a 136% development was registered in a five-day window interval. Equally, inside the five-day interval, the token’s market capitalization rose from $54.17 million to $127.14 million.
On a every day chart, the VGX token didn’t fare so properly. Within the final 24 hours of 15 July, the token registered a 23.13% decline in value. Knowledge from CoinMarketCap additionally revealed an 83% decline in buying and selling quantity inside that interval.
Apparently, on the four-hour chart, accumulation was underway at press time. Because of this, the Relative Power Index (RSI) was noticed at 54.49. Equally, the Cash Movement Index (MFI) marked its place at 69.49 index.
The occasions of 13 July
As the worth of the VGX token touched a excessive of $0.94 on 13 July, knowledge from Santiment revealed some vital on-chain actions from the token. For instance, inside the final 5 days, the variety of addresses that traded VGX tokens rose to a excessive of 25 energetic addresses on 13 July. Nevertheless, on the time of writing, every day energetic addresses on the community witnessed a decline.
Additionally, the variety of new addresses created on the VGX community touched a excessive of 9 addresses on 13 July. On the day earlier than, solely two addresses had been recorded. At press time, the index for community development for the token was again to 2 addresses.
Equally, after marking a low of 82.69 in transaction quantity on 12 July, this metric shot up by over 5,000% and was pegged at 4,944 by 13 July. At press time, this stood at 187, logging a 2,543% lower within the final two days.
Apparently, as the worth and different on-chain metrics registered highs on 13 July, a major quantity of VGX tokens was taken out of exchanges.
Because of this, the change move stability for that day logged a unfavourable worth of – 1332.58. On the time of writing, this was pegged at 790.