VGX is the native token of the bankrupt crypto lending site Voyager Digital. The alternative coin witnessed a substantial uptick in trading activity within 24 hours. The unanticipated uptick in trading volume and price emerged after news citing an individual familiar with the issue stated that Binance US has re-launched its plan to purchase Voyager Digital assets.
An earlier September bid saw the now-fallen crypto exchange FTX winning the auction from the lender’s assets. Nevertheless, the untimely FTX debacle had Voyage declaring the re-opening of the bidding for its assets on November 11.
Voyager added that it hadn’t transferred assets to the exchange FTX before the leafing crypto trading platform collapsed. Nevertheless, it highlighted that FTX US paid a $5 million good faith deposit for the auction. The cash is in escrow at the moment.
VGX recorded an immediate price surge as this update emerged. Coinmarketcap data shows the alternative token gained more than 55% in the previous 24 hours. While publishing this content, the alt traded at around $0.4468.
Furthermore, the asset’s trading volume saw an astronomic uptick in that timeframe. The past 24hs saw VGX worth $110 million traded, pushing the token’s trading volume 2500% higher. Santiment suggested that the number represented VGX’s highest trading volume within the previous two months.
Also, Binance US’s rumored bid translated to substantial VGX accumulation. The alt’s RSI (Relative Strength Index) piggybacked the news to cross the neutral mark, reading 60.59 during this publication. Moreover, its MFI (Money Flow Index) maintained uptrends and retested the overbought mark at 87.69.
The CMF (Chaikin Money Flow) had its dynamic line beneath the center line at -0.18. Nevertheless, sustained buying momentum can propel the indicator beyond the central line. That would confirm VGX’s positive accumulation growth.
Much Fuss About Nothing
CryptoQuant suggests that VGX’s price surge during November 17 intraday sessions saw investors that held the token for long selling to earn profits. Consequently, the token’s exchange reserves witnessed sudden surges amidst price upticks. That signaled that most holders attempted to sell.
Nevertheless, most market participants that sold following the recent price surge saw losses because of the uncertainty surrounding Voyager Digital. Moreover, Santiment indicated that the asset’s MVRV ratio stood at -125% on the 1-moving day average.
The price surge changed investor sentiment to positive. Continued price growth amidst favorable macro factors can lead to profits for holders.