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After a court order Series to repay its clients, the bankrupt crypto brokerage firm based in the United States Voyager Digital is set to make its existing customers complete.
With the start of the payout, interest in the company’s native token, VGX, has disappeared. This, after the altcoin price rallied by 100% within seven days of the bankruptcy filing.
With more VGX tokens leaving the exchanges than entering, the only conclusion that can be drawn is that investors have started exiting their positions.
What does the 24-hour chart say?
VGX traded hands at $0.3599 at press time, down 2% over the past 24 hours. With a trading volume of $4,545,647 recorded in the same period, a 50% drop in the token’s trading activity was recorded.
On the daily chart, selling pressure for VGX had started to build. As a result, the Relative Strength Index stood at 46.31. Although its Cash Flow Index hit a high of 73, this kind of disparity usually indicates a drop in buying pressure.
Since July 30, the MACD is represented by red histogram lines, albeit short ones. Also on the same day, the MACD line crosses the downtrend line, indicating the start of a bear rally.
Source: TradingView
Not much was different on the 4 hour chart. A sustained VGX sell-off was underway at press time, with the RSI and MFI indicators hovering around 48 and 55, respectively.
With the token valued at $0.3599, it was 97.13% back from its all-time high of $12.54 – A value recorded on January 5, 2018.
Performance in the chain
Since Voyager filed for bankruptcy on July 5, the price of VGX has increased by 78%. However, with more uncertainty surrounding the future of the crypto brokerage, its token has not seen much network activity in the past month. After hitting a high of 25 daily active addresses on July 13, when the alt price hit a high of $0.59, unique VGX daily trading addresses fell by 92%. At press time, this was down to two active addresses.
The number of new addresses created on the VGX network has also gradually decreased since July 13th. With only one new address identified at press time, new addresses on the network dropped by 88%.
A decrease in network activity of a coin means lower interaction with the alt by traders. Further price declines are expected as investors continue to look away from VGX.
Source: Santiment
Over the past month, VGX whales have been gradually reducing their total token supply as more doubts about the company’s future appear.
Finally, the percentage of the total supply of VGX tokens stood at 42.76% at press time.
Source: Santiment
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