Blog

The VGX token worth went parabolic on Wednesday as buyers priced in a turnaround of the dad or mum firm. Voyager Digital’s native token rose to a excessive of $0.5155, which was the very best stage since June twenty third. According to Binance, it has surged by greater than 220% previously 24 hours. It has additionally jumped by 240% from its lowest level this 12 months.

Why is Voyager Digital hovering?

Voyager Digital was one of many greatest cryptocurrency exchanges on the planet. At its peak, the corporate used to deal with quantity price billions of {dollars} on daily basis. It had greater than a million prospects.

Recently, nevertheless, Voyager has had a spectacular fall from grace. The agency was just lately compelled to droop withdrawals and deposit. It additionally voluntarily determined to file for chapter safety.

The disaster occurred due to the latest crash of Bitcoin and different cryptocurrency costs. Notably, the collapse of Terra and its ecosystem had a direct impression on the corporate. For instance, it had prolonged funds to Three Arrows Capital, one of many hedge funds that misplaced cash when Terra crashed. 

Ignore Voyager Digital. Here are the best crypto exchanges.

Voyager Digital has additionally come into the highlight now that regulators and legislation enforcement officers are investigating it. As such, most analysts imagine that will probably be unimaginable for the corporate to thrive because it used to earlier than. Besides, it has misplaced the belief of most customers.

The VGX token worth is surging as buyers react to a assertion the company published on Tuesday. The firm reiterated that it held about $1.3 billion of crypto property on its platform. It additionally has claims in opposition to Three Arrows Capital. It additionally stated that prospects will be capable of withdraw these funds when the reorganization plan ends. 

Therefore, the VGX worth is rising as buyers cheer these occasions. As I wrote earlier than, property in hassle are additionally ripe for pump and dump schemes. For instance, we noticed the Celsius token soar sharply whilst the corporate’s challenges emerged. Hertz shares additionally jumped after the corporate went bankrupt.

VGX token worth prediction

The four-hour chart exhibits that the Voyager Digital token worth has been in a robust bullish pattern previously few hours. The coin managed to maneuver above the descending trendline proven in blue. It additionally jumped above the 25-period and 50-period transferring averages.

In my view, that is a lifeless cat bounce, which means that the coin will see a main pullback within the subsequent few days. If this occurs, it would doubtless drop to the help at $0.15, which is about 70% under the present stage.