According to the court order, crypto brokerage Voyager Digital planned to refund its customers this week.

As the refund process is about to begin, the platform’s native token, VGX, is virtually irrelevant.

Investors seem to have started exiting positions as a mass of VGX leaves the exchanges.

At press time, VGX is changing hands at $0.35, down 1% over the past 24 hours. Trading volume of $3.06 million was recorded during the same time period, marking a 50% drop.

On the daily chart, selling pressure on VGX is starting to increase. As a result, its Relative Strength Index stands at 45.6. Although the Money Flow Index is at a high of 63, this type of spread usually indicates a decline in buying pressure.

Since July 30, MACD has been showing red histogram bars, albeit short. Also, on the same day, the MACD line crossed the trendline in a downtrend, indicating the beginning of a bear rally.

Source: TradingView

Not much difference on the 4-hour chart. The VGX sell-off is underway at press time, with the RSI and the MFI hovering around 47 and 38, respectively.

As of now, VGX is 97.15% below its all-time high of $12.54 recorded on January 5, 2018.

On-chain performance

Since Voyager filed for bankruptcy on July 5, the price of VGX has increased by 78%. However, with greater uncertainty surrounding the crypto brokerage firm’s future, its native token hasn’t had much network activity in the last month. After recording the highest among 25 daily active addresses on July 13, when the token price surged to a peak of $0.59, unique addresses trading VGX daily fell 92%. . At press time, only two addresses are active.

The number of new addresses created on the VGX network has also been steadily decreasing since July 13. With just one new address discovered at the time of writing, new addresses on the network have dropped by 88%.

The decline in network activity means that traders have decreased interaction with that coin. It is expected that the price will continue to fall as investors continue to turn away from VGX.

Source: Santiment

In the last month, VGX whales have been gradually reducing their holdings of the total supply as there are many doubts about the future of the company.

Finally, the percentage of total VGX supply currently stands at 42.76% at press time.

Source: Santiment
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