The value of VGX, the native token of the failed crypto brokerage agency, Voyager Digital, went up by over 60% within the final week, information from CoinMarketCap revealed.
In a latest announcement, the brokerage agency confirmed that an public sale for its property had been scheduled to happen on 13 September as a part of its restructuring process. This was initially scheduled to carry on 29 September following a bidding course of that was due on 6 September.
In a filing on 4 August, Voyager confirmed that 88 entities had proven curiosity in buying the property of its failed enterprise. Main exchanges, Binance and FTX, have been rumored to be on the forefront of the property acquisition efforts.
What that you must know
Forward of the ultimate public sale, buyers trying to ape in on this token ought to be conscious that VGX traded flat for many of August, whereby its value, noticed no development for the primary 25 days. Nonetheless, earlier than the tip of the buying and selling month, the value per VGX rallied by over 90% in lower than ten days.
Following a considerably bearish run for a lot of cryptocurrency property in August, the previous few weeks have been marked by a bullish retracement for many of them.
Within the final week alone, a handful of cryptocurrency property posted double-digit positive factors, based on information from CoinMarketCap.
Not neglected, the value per VGX rallied by 67% within the final seven days, inflicting it to change palms at $0.9001. Nonetheless, earlier than that is taken as a sign of a sustainable rally, it’s pertinent to reiterate that the rally might be short-termed.
A bearish correction may ensue following the public sale scheduled to carry in lower than 24 hours.
On the each day chart, the asset’s Cash Circulation Index (MFI) was positioned on the overbought place of 84, a place often marked by consumers’ exhaustion and a consequential reversal downwards.
Chaikin’s Cash Circulation was flat at 0.07 and may head south if the bulls don’t maintain the shopping for strain.
Moreso, the value of VGX was down by 12% within the final 24 hours of press time. And the buying and selling quantity for the token had declined by 49% inside the identical interval.
Along with this, after peaking at 26 addresses on 7 September, the index of lively addresses that traded VGX has dropped since. At press time, this was pegged at 4 addresses. New addresses on the community have additionally dropped by 75% in nearly per week.
A continued lack of community development for any asset is a recipe for value stagnancy. And even worse, value decline. Therefore, ought to fewer VGX transactions be accomplished following tomorrow’s (13 September) important occasion, the value per VGX may search newer lows.