By Lucas Williams
The native coin of the distressed cryptocurrency brokerage firm Voyager Digital, VGX, saw upside price rallies over the past few days. The alternative token gained more than 100% within the previous seven days. Meanwhile, the impressive upside emerged after investors initiated short squeezes as the company stared at its recent troubles.
The ongoing #PumpVGXJuly18 Twitter trend also contributed to the sudden price surge. MetaForm Labs, a crypto venture company, led the move, which comprises several early cryptocurrency investors. The entity tweeted that the trend targeted to stabilize & pump $VOYG + $VGX before moving into the longevity phase.
Rising from Ashes?
VGX saw price slumps after Voyager Digital filed for bankruptcy on July 5. Nevertheless, the alternative token has recorded an enormous surge over the past few days. VGX launched its uptrends from the $0.19 mark five days ago, pushing towards the $0.94 high by July 13. While publishing this content, it traded at $0.4576, translating to a 136% surge within five days. Also, that timeframe saw VGX’s market cap soaring to $127.14 million from $54.17 million.
Meanwhile, the VGX token didn’t perform so well on its daily chart. July 15’s final 24 hours saw the altcoin losing 23.13% of its price. Also, Coinmarketcap data confirmed an 83% trading volume dip over that period.
Surprisingly, the 4hr chart confirmed an ongoing accumulation during this publication. That saw the RSI (Relative Strength Index) moving to 54.49. Also, the MFI (Money Flow Index) secured a position at 69.49.
The July 13 Events
The VGX coin saw its price touching the $0.94 high on July 13. Santiment data showed significant on-chain activities during the token’s surge. For instance, the past five days saw addresses (that transacted VGX coins) climbing to 25 on July 13. Nevertheless, the network’s daily active wallets saw declines during this publication.
Also, new addresses on the VGX platform hit a high on July 13 at nine. The network recorded two crypto addresses only a day prior. However, this metric slumped to two addresses once more at this publication.
Also, the transaction volume gained more than 5,00% from the July 12 lows at 82.69, standing at 4,944 on July 13. The index stood near 187 during this publication, reflecting a 2,543% drop within the past two days.
Surprisingly, exchanges saw substantial VGX amounts withdrawn as on-chain metrics & price peaked on July 13. That saw the exchange flow for that day presenting the -1331.58 negative figure. The number stood at 790 during this publication.
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