Why VGX surged by 100% despite Voyager’s claims of bankruptcy

In the previous few 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 value uptick took place as a result of quick squeeze initiated by buyers within the face of the corporate’s latest troubles.

The sudden value growth can be attributed to the “#PumpVGXJuly18” ongoing pattern on Twitter. This pattern 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 pattern aimed to “pump and stabilize $VGX + $VOYG,” after which it “can be shifting onto the subsequent part: longevity.”

What’s subsequent?
After we pump and stabilize $VGX + $VOYG we can be shifting onto the subsequent part: longevity

Utilizing our contacts and skills we can be serving to @investvoyager patch over the cash misplaced via 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 big droop in its value when Voyager Digital filed for Chapter 11 bankruptcy on 5 July. Nevertheless, the token has seen an enormous uptick in the previous few 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 fingers 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 each day chart, the VGX token didn’t fare so nicely. 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. 

Curiously, on the four-hour chart, accumulation was underway at press time. Because of this, the Relative Energy Index (RSI) was noticed at 54.49. Equally, the Cash Stream Index (MFI) marked its place at 69.49 index. 

Supply: TradingView

The occasions of 13 July

As the value of the VGX token touched a excessive of $0.94 on 13 July, information 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 lively addresses on 13 July. Nevertheless, on the time of writing, each day lively 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 have been recorded. At press time, the index for community development for the token was again to 2 addresses. 

Supply: Santiment

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.

Supply: Santiment

Curiously, as the value and different on-chain metrics registered highs on 13 July, a big quantity of VGX tokens was taken out of exchanges.

Because of this, the trade circulate steadiness for that day logged a unfavorable worth of – 1332.58. On the time of writing, this was pegged at 790.

Supply: Santiment