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Analyzing Voyager’s anti-ageing spell post 2000% hike in trading volume

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Source: Unsplash

Voyager token (VGX), the native cryptocurrency of the ‘troubled’ Voyager platform seems to be under an anti-aging spell. Herein, the only notable gain out of the top 200 coins came from the embattled cryptocurrency brokerage platform Voyager.

On CoinMarketCap, the VGX token gained 43.15% over the past 24 hours. And, it was trading at $0.773 during press time.

Like an open book

Bankrupt centralized crypto lender Voyager Digital filed a notice with the United States Bankruptcy Court for the Southern District of New York. The team informed the court of its intention to hold an auction of its remaining assets.

The auction is proposed to take place on 13 September at the Manhattan office of Digital Voyager’s investment banker Moelis & Company, with a hearing to approve the results on 29 September.

Apart from the obvious angle of trouble here, it also implied that Voyager received more than one substantial bid for its assets.

In a tweet, Voyager confirmed that it had received multiple bids for its assets as part of its restructuring process.

This development comes days after the centralized crypto lender rejected an offer from the FTX exchange.

Showcasing power

The company’s native token did showcase a much-needed rally as can be seen in the graph below.

Source: CoinMarketCap

Moreover, with significant trading activity, trading volume for the VGX token surged by ~2000% in the last 24 hours. In fact, as per an August end report, trading volume stood at $87.60 million, the highest daily volume the token logged in the past 30 days.

Following the momentum, VGX’s social metrics too reiterated a bullish sketch as highlighted by LunarCrush. The analytical platform acknowledged the token’s impressive performance in an 8 September tweet.

However, it wasn’t as clear as it might sound. The future of Voyager Digital and VGX token stood largely unknown. Ergo, caution is required before trading or investing in the same.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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