Is VGX all set to “Voyage” to the bears as Voyager Digital files for bankruptcy?

 Voyager Digital [VGX], the United States-based crypto brokerage, is likely one of the firms to be liquidated on account of Three Arrows Capital’s demise (3AC). In a 22 June press release, the agency said that its funding publicity to 3AC consisted of 15,250 BTC and $350 million USDC. In a later press release dated 27 June, Voyager Digital issued a discover of default to 3AC, requesting the compensation of the already disclosed mortgage.

Nevertheless, because of the 3AC’s failure to honor its obligations, Voyager Digital and its primary working subsidiaries filed for Chapter 11 bankruptcy on 5 July. As confirmed by its CEO, Stephen Ehrlich, the choice was due “to the default of Three Arrows Capital.”

Since submitting the chapter, the agency’s Voyager Token (VGX) has registered a 20% decline. Let’s check out efficiency within the final three days.

On a voyage to zero

On the time of press, the VGX token was exchanging arms at $0.2015 per VGX token. Earlier than submitting for chapter, the VGX token traded at $0.25. Since then, the worth launched into a downward spiral to shed 20% in simply three days. Inside this era, the token additionally managed to witness a 20% decline. 

Within the final 24 hours, the worth of the token has seen a 2% decline. With an ongoing suspicion that it’s unlikely that Voyager account holders will get all of their Crypto Again, holders of the VGX tokens took closely distributed similar within the final 24 hours. On the time of writing, the token’s Relative Energy Index (RSI) marked its territory within the severely oversold place of 23.92. Toeing an analogous path, the Cash Circulate Index (MFI) was noticed at 25.14 at press time. Whereas a bullish retracement normally follows lows like these, it stays uncertain whether or not the identical is feasible on this case, contemplating the circumstances. 

Supply: TradingView

The same path on the chain

In keeping with the information from Santiment, the previous few days have been marked by declines on all fronts for the VGX token. Socially, the token posted a 75% drawdown in its social quantity within the final three days. Equally, its social dominance additionally registered a 14% decline. 

Supply: Santiment

The variety of addresses that transacted the VGX token elevated between 5 July and seven July, after which this fell. With a every day energetic tackle index of two at press time, an 85% decline was posted within the final 24 hours. Additionally, transaction quantity for the VGX token launched into a rally and marked a excessive of 13,458 on 7 July, however this dropped by 99% within the final 24 hours.

Supply: Santiment

Within the final three days, the whales have regularly let go of their VGX holdings as a 3% drop was noticed within the share provide of VGX tokens held by whales.

Supply: Santiment

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