After granting the court ranking To repay its clients, the bankrupt US crypto brokerage firm voyager digital He is set to make his existing clients complete.
As the repayment begins, interest in the company’s original token, VGX, has dissipated. This is after the altcoin price rallied 100% within seven days of declaring bankruptcy.
With more VGX tokens leaving exchanges than entering, the only conclusion that can be drawn is that investors are starting to exit their positions.
What does the 24 hour chart say
VGX was exchanging hands at $0.3599, at the time of writing, down 2% in the last 24 hours. With a trading volume of $4,545,647 recorded over the same period, a 50% drop in token trading activity was recorded.
On the daily chart, selling pressure for VGX is starting to rise. As a result, the RSI settled at 46.31. Although its Money Flow Index was spotted as high as 73, this type of disparity usually indicates a decrease in buying pressure.
Since July 30, the MACD has been represented by red, albeit short, histogram bars. Also, on the same day, the MACD line crossed the trend line in a downtrend, which indicates the start of a bearish rally.
There was not much difference on the 4 hour chart. An ongoing VGX sell-off was underway at press time, with the RSI and MFI around the 48 and 55 indices, respectively.
With the token valued at $0.3599, it was 97.13% behind its all-time high of $12.54 – a value recorded on January 5, 2018.
Since Voyager declared bankruptcy on July 5, the price of VGX has jumped 78%. However, with more uncertainty surrounding the crypto brokerage’s future, its token has not seen much activity on the network over the past month. After hitting a high of 25 daily active addresses on July 13, when the alternative price rose to $0.59, unique addresses trading VGX daily are down 92%. At the time of publication, this was due to two active titles.
The number of new titles created on the VGX network has also gradually decreased since July 13. With a new address spotted at press time, new addresses on the network are down 88%.
A decrease in the activity of the coin network means less interaction with the swing by traders. Further price declines are expected as investors continue to look away from VGX.
Over the past month, VGX whales have gradually reduced their holdings of the total token supply as more doubts emerge about the company’s future.
Finally, the percentage of total VGX token supply was 42.76% at the time of publication.