Voyager’s VGX Token Surges 18% After Burning One-Third of Supply
Voyager, the bankrupt crypto lender, experienced a significant surge in its VGX token price after burning approximately one-third of its token supply. Around 83 million tokens were sent to burn addresses through two transactions. As a result, the token’s price increased from $0.12 to as high as $0.14 before settling just above $0.13.
Purposeful Move
The move appears to be intentional, according to Miguel Morel, CEO of Arkham Intelligence, a crypto data tracking platform. Morel noted that the transactions were carefully executed, with test transactions sent to dead addresses before the remaining tokens were burned. However, the motivation behind this action remains unclear.
Voyager filed for Chapter 11 bankruptcy protection on July 6, 2022. Lawyers involved in the bankruptcy have not provided any comments on this recent development.
Hot Take: Voyager’s Token Burn Raises Speculation
The burning of Voyager’s VGX tokens has sparked speculation in the crypto community. While the intentional nature of the burn raises questions about its purpose and potential implications for Voyager’s future, it has undeniably caused a surge in the token’s price. As the bankruptcy proceedings continue, market participants will closely monitor Voyager’s actions and decisions regarding its token supply and ownership structure.
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