Why VGX surged by 100% despite Voyager’s claims of bankruptcy
In the last few days, VGX, the native token of the troubled crypto brokerage company, Voyager Digital, took on an upward price rally. Surging by over 100% this week, the price uptick came about due to the short squeeze initiated by investors in the face of the company’s recent troubles.
The sudden price boom can also be attributed to the “#PumpVGXJuly18” ongoing trend on Twitter. This trend was led by a crypto venture firm MetaForm Labs, which consists of “a bunch of very early crypto investors.”
In a tweet, the entity noted that the trend aimed to “pump and stabilize $VGX + $VOYG,” after which it “will be moving onto the next phase: longevity.”
<p lang=«en» dir=«ltr» xml:lang=«en»>What's next? After we pump and stabilize $VGX + $VOYG we will be moving onto the next phase: longevityUsing our contacts and abilities we will be helping @investvoyager patch over the money lost through 3AC to bring them back to parity with their Liquidity #PumpVGXJuly18
— MetaFormLabs | #PumpVGXJuly18 (@MetaFormLabs) July 9, 2022
The VGX token witnessed a significant slump in its price when Voyager Digital filed for Chapter 11 bankruptcy on 5 July. However, the token has seen a massive uptick in the last few days.
At an index price of $0.19 five days ago, the token embarked on an uptrend, forcing a high of $0.94 by 13 July. Exchanging hands at $0.4576 per VGX token at press time, a 136% growth was registered in a five-day window period. Similarly, within the five-day period, the token’s market capitalization rose from $54.17 million to $127.14 million.
On a daily chart, the VGX token did not fare so well. In the last 24 hours of 15 July, the token registered a 23.13% decline in price. Data from CoinMarketCap also revealed an 83% decline in
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