Lined:
- Voyager Digital Skyrocketing
- Crypto Enterprise Agency MetaFormLabs
Voyager Digital Skyrocketing
The native token for the embattled crypto brokerage Voyager Digital has skyrocketed in what appears to be a brand new effort to inflate its worth seemingly impressed by the latest “CEL brief squeeze.”
On July 13, Voyager’s VGX token surged 178% to hit an intraday excessive of $0.891 earlier than falling again to round $0.559, based on CoinGecko. It had regained floor again u to $0.717 on the time of publication.
The worth rise has coincided with the looks of a Twitter hashtag referred to as #PumpVGXJuly18, in addition to the formation of a Telegram group referred to as the “Voyager Group Restoration Channel,” which had greater than 2,100 members on the time of writing.
The token has gained greater than 400% for the reason that starting of the week as speculators look like leaping aboard the newest fast buck bandwagon.
This week’s VGX pump is a reversal of a gentle downtrend for the crypto token this 12 months, dropping virtually 80% for the reason that starting of 2022. Additionally it is down 94.3% since its January 2018 all-time excessive of $12.47.
On July 6, Voyager Digital introduced its restructuring plan, which would come with issuing Voyager tokens to prospects that had suffered losses following its suspension of buying and selling earlier within the month. The identical day, the corporate filed for Chapter 11 chapter in New York, citing liquidity points arising from Three Arrows Capital’s (3AC) excellent money owed.
The newest twist within the saga got here when a federal choose in New York froze the remaining property of 3AC on July 12. One other a part of the restructuring plan contains any restoration of property from 3AC, which may additionally partly clarify the rise within the perceived worth of the VGX tokens.
Crypto Enterprise Agency MetaFormLabs
Unknown crypto enterprise agency MetaFormLabs, which initiated the transfer on Twitter to pump VGX on July 9, has pledged to rescue Voyager by this implies. On July 13, the agency detailed its token worth goal, and the quantities pledged for the rescue package deal.
“We’ve set a brand new goal vary of 5USD-8USD. Presently, we’ve got 50,000,000USD internally and 67,000,000USD pledged by well-known crypto fanatics.”
By July 14, it claimed to have $135 million in funds for the rescue package deal, which shall be introduced in full on July 18, coinciding with its token pump peak plans.
1 factor is obvious.
Don’t say we didn’t offer you any pre warnings of our intentions.#PumpVGXJuly18
July 18 2022 @ 2PM PST
We’ll cease sharing precise quantities we’ve got pledged.
Present complete prepared for July 18: 135,000,00USD+Whoever shorts will most likely get swallowed entire.
NFA
— MetaFormLabs | #PumpVGXJuly18 (@MetaFormLabs) July 13, 2022
Following the preliminary pump, which started on July 13 as costs lifted off from $0.15, MetaFormLabs asserted that this was nothing to do with them.
“The place there’s inexperienced there’s vultures that prey for low entries. #PumpVGXJuly18 will go forward as deliberate on July 18 @ 2pm PST. At this time’s motion wasn’t us, we’ve not even begun but.”
The pump scheme has been met with a wholesome dose of skepticism from the crypto neighborhood on Twitter.
Relating to #VGX and the “Pump $VGX” going round…
Know what you’re moving into. Quite a lot of provide is locked up on Voyager which might skew pricing. $VGX optimism can doubtlessly assist Voyager make prospects entire, however know the danger you take.
— shingolavine.eth (@shingolavine) July 13, 2022
There was no point out of any bailout plans on Voyager’s official Twitter feed.
Cointelegraph reached out to MetaFormLabs for additional particulars in response to their call to do so however had not heard again by the point this text was revealed.
In the meantime, VGX was already dumping and had misplaced 21% from its preliminary pump yesterday. The same pump and dump occurred with the newly launched Terra LUNA tokens, which surged above $10 a few days after they went reside in late Could, solely to dump to round $2 every week later.
Really useful: What’s Subsequent For Voyager After Submitting For Chapter, Potential Delisting