Did Voyager Digital [VGX] say ‘hasta la vista’ to bears
Data from CoinMarketCap revealed that VGX, the native token of the failed crypto brokerage firm Voyager Digital, rallied by 40% during the intraday trading session on 25 August.
This was due to the news that bidding for the assets of the bankrupt crypto broker was underway and was due on 6 September. If necessary, this would be followed by an auction on 29 September to pick a winner.
Impacted by the collapse of Three Arrows Capital (3AC), Voyager Digital, in a 22 June press release, informed its users of its 15,250 BTC and $350 million investment exposure to 3AC.
Failure of 3AC to make good on its obligations caused Voyager Digital and its main operating subsidiaries to file for Chapter 11 bankruptcy on 5 July.
Reportedly, leading exchanges, Binance and FTX, are among the long line of bidders engaged in a tussle over the acquisition of the assets of Voyager Digital following Coinbase’s withdrawal.
Now, the question is- With its price up by over 60% in the last 24 hours, how has the VGX fared so far?
As of this writing, VGX traded at $0.4461, according to data from CoinMarketCap. With significant trading activity ongoing at press time, trading volume for the VGX token was up by over 2800% in the last 24 hours.
At press time, trading volume stood at $87.60 million, the highest daily volume the token has logged in the past 30 days.
Source: Santiment
On the daily chart, a significant amount of liquidity has been pumped into the token. Hence, the price boom in the last 24 hours.
As of this press, VGX’s Relative Strenght Index (RSI) was in an uptrend in the overbought region of 70.
Its Money Flow Index (MFI) was also spotted at 84. As of this writing, the token’s Chaikin’s Money Flow (CMF), although approaching the center (0.0)
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