The price took off when bankrupt crypto lending platform Voyager Digital burned nearly a third of the VGX token supply.
Voyager Digital carried out a serious token burn amidst the cryptocurrency market maintaining its upward momentum. Company November 3 in total by taking action on the day in 2 different processes corresponding to one third of the total supply 83 million VGX sent to burning addresses.
After this process, VGX quickly 17% rose. However, VGX’s rise was not permanent and it fell rapidly, taking back almost all its profits.
CEO of on-chain data platform Arkham Intelligence Miguel MorelWhile claiming that this move was intentional, he made the following statements in his statement on the subject:
First they sent the test transaction to the dead address. Then, two minutes after it was approved, they sent the rest. For the other address, they first sent ETH for gas and 8 minutes later they sent it to the dead address. So it seems like it was intentional. It is unclear at this time what the motivation might have been.
Voyager July 6, 2022 filed for Chapter 11 bankruptcy protection on . The company’s painful bankruptcy process has still not been concluded.
According to CoinGecko data, with the influence of news flow 17.58% rising VGX $0.120 from level to $0.141 reached. VGX is trading at $0.122 at the time of writing.