Voyager Token took flight with $7.3 million worth of VGX sent to the nose address. Meanwhile, burned tokens account for approximately 30 percent of the total supply. The altcoin price made a vertical breakout, but later lost some height.
Tokens flow into burn wallets, altcoin price skyrockets
Bankrupt crypto brokerage firm Voyager Digital’s native token (VGX) suddenly jumped 20 percent on Friday after on-chain data revealed that a Voyager wallet sent 52 million tokens ($7.3 million) to a burning address. Etherscan data shows that a wallet labeled “Voyager 1” made the first outgoing transfer for 225 days. It also reveals that it sent a test transaction of 123.45 tokens before sending out the larger batch worth $7.3 million.
Following the development, the altcoin price jumped from $ 0.12 to $ 0.142. However, VGX then lost altitude. At press time, VGX was trading at $0.1312, up nearly 10% on a daily basis.
What’s behind the loaded token burning process?
cryptokoin.comAs you follow from , Voyager filed for bankruptcy last year following the collapse of FTX. Prior to this, FTX was in talks to acquire Voyager. That’s why the dramatic collapse of the crypto exchange led to a market-wide decline. It is currently unclear why altcoin tokens, accounting for approximately 30% of the total supply, were sent to a burn address. By the way, it is worth noting that Voyager announced its intention to liquidate all its assets in March of this year.
Details coming….
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