Voyager token's chart-busting rally of over 250%, seems to have been triggered by sellers unwinding their bearish trades. reports godbole17
Bankrupt cryptocurrency lending platform Voyager Digital's native coin voyager has more than tripled in three days. According to one observer, the move appears to be driven by a short squeeze.
Since Tuesday, VGX has increased by 257% from $0.14 to $0.50 with prices hitting a high of $1.01 in the past 24 hours, CoinDesk data shows. "Pumping coins of insolvent businesses seem to be becoming a meta," CK Cheung, investment analyst at Defiance Capital, said."Similar pumps happened to Terra's LUNC token and Celsius'A short squeeze refers to a sharp rally fueled by the unwinding of bearish positions or sellers rushing to take profits. Assets like VGX, that are in a prolonged downtrend marked by extremely bearish investor sentiment, are typically prone to a short squeezes.
VGX hit a record low of $0.14 early this week, registering a 97% decline from the November peak of $5.81. Broader market downturn and concerns about the solvency of crypto companies, particularly lenders, roiled the VGX token in the year's first half. The market fears came true earlier this month, with the Toronto-based lender filing for
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