The Voyager Token (VGX-USD) is sinking 11% in late morning trading. This decline comes after Voyager Digital (OTCMKTS:VYGVF), which created the VGX crypto, declared bankruptcy yesterday. Voyager Digital is a brokerage that specializes in allowing consumers to trade dozens of cryptos.
Not surprisingly, the number of Voyager Tokens changing hands is much higher than average today. At 10:42 a.m. Eastern, $11.66 million worth of tokens had been traded. The coin’s trading volume for an entire day has not surpassed that level since July 1.
Bankruptcy Filing
Voyager Digital sought Chapter 11 bankruptcy protection after Three Arrows Capital, to which Voyager had loaned $650 million, liquidated itself. Voyager noted that it is still looking to obtain the funds that it lent Three Arrows.
Alameda Research, a company controlled by billionaire crypto investor Sam Bankman-Fried, has reportedly lent Voyager $75 million. Bankman-Fried’s company, FTX, has been looking to rescue many crypto ventures in recent weeks.
Voyager Token Price Predictions
Despite Voyager’s bankruptcy, some websites remains upbeat on the outlook of the VGX crypto. CryptoNewsZ, for example, says that Voyager’s “average price throughout the year will be around $2.19.” Additionally, Gov Capital expects the crypto to reach $2 in August, while PricePrediction.net weighs in with a top target of $1.06 for 2022.
As far as bearish Voyager Token price predictions, DigitalCoinPrice has a 2022 price target of 34 cents in 2022 and 49 cents in 2025. Most pessimistic of all is Wallet Investor, which expects Voyager Token’s value to tumble to 1 cent in 2023.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
