{"id":24364,"date":"2023-11-03T18:57:08","date_gmt":"2023-11-03T18:57:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/voyager-token-vgx-soars-after-a-30-token-supply-burn\/"},"modified":"2023-11-03T18:57:08","modified_gmt":"2023-11-03T18:57:08","slug":"voyager-token-vgx-soars-after-a-30-token-supply-burn","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/voyager-token-vgx-soars-after-a-30-token-supply-burn\/","title":{"rendered":"Voyager Token (VGX) soars after a 30% token supply burn"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669322183565-af432555-4503-47c7-a942-70406f18a191-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669322183565-af432555-4503-47c7-a942-70406f18a191-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669322183565-af432555-4503-47c7-a942-70406f18a191-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669322183565-af432555-4503-47c7-a942-70406f18a191-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>VGX surges 20% post-30% token burn.<\/li>\n<li>52 million VGX tokens were sent to a burn address.<\/li>\n<li>The burn event comes as Voyager manoeuvres its Chapter 11 bankruptcy.<\/li>\n<\/ul>\n<p>In a surprising turn of events, the native token of Voyager Digital, <a href=\"https:\/\/coinjournal.net\/voyager-token\/\">Voyager Token (VGX)<\/a>, witnessed a remarkable surge in its price, gaining 20% in value, following the transfer of 52 million tokens to a burn address.<\/p>\n<p>The VGX token price had however started going down, at press time as seen in the chart below.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 615px\"><span class=\"fr-img-wrap\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/10\/03\/1699031614965-f0d6bac4-a5f2-4698-9005-84f1aebd2b2c.jpg\" class=\"fr-fic fr-dib\" width=\"615\" height=\"375\"\/><span class=\"fr-inner\" style=\"background: transparent;position: relative\"><em>VGX token price chart<\/em><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">\u00a0<\/p>\n<\/div>\n<h2>30% of VGX token supply bunt<\/h2>\n<p>On-chain data from Etherscan shows that the wallet in question is linked to Voyager and was named \u201cVoyager 1.\u201d It had remained dormant for 225 days.<\/p>\n<p>This wallet suddenly came to life, initiating a test transaction of 123.45 tokens before proceeding to transfer a larger batch valued at $7.3 million.<\/p>\n<p>This substantial transfer was directed towards a burn address, a cryptocurrency wallet where tokens are rendered inaccessible, essentially eliminating them from circulation.<\/p>\n<h2>Voyager\u2019s troubled past<\/h2>\n<p>Voyager Digital\u2019s recent history has been marked by turbulence, with the company filing for bankruptcy following the <a href=\"https:\/\/coinjournal.net\/research-center\/ftx-bankruptcy-second-biggest-loss-funds-history-of-crypto\/\">collapse of FTX<\/a>, a cryptocurrency exchange that was in discussions to acquire Voyager before its abrupt implosion. The repercussions of FTX\u2019s troubles extended across the cryptocurrency market, leading to a widespread downturn.<\/p>\n<p>It remains unclear why Voyager decided to send such a significant portion of VGX tokens to a burn address. However, this move could have multiple implications in the crypto space.<\/p>\n<p>Token burns are often employed to reduce the total supply of a cryptocurrency, creating a sense of scarcity and, in turn, potentially bolstering the value of the remaining tokens in circulation. The market\u2019s response to this event was notably positive, with VGX witnessing a 20% price increase, reflecting investor optimism regarding the potential value appreciation due to the reduced supply.<\/p>\n<p>Voyager Digital had earlier <a href=\"https:\/\/coinjournal.net\/news\/voyager-is-liquidating-assets-including-2-2-trillion-shib-report\/\">announced that it intended to liquidate assets<\/a> in relation to its ongoing financial difficulties and its strategy to manage assets and liabilities within the context of its bankruptcy proceedings.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/voyager-token-vgx-soars-after-a-30-token-supply-burn\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) VGX surges 20% post-30% token burn. 52 million VGX tokens were sent to a burn address. The burn event comes as Voyager manoeuvres its Chapter 11 bankruptcy. In a surprising turn of events, the native token of Voyager Digital, Voyager Token (VGX), witnessed [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":24365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24364"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24364"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24365"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}