In 2021, Voyager had a great year. A slew of new tokens have been introduced to the online brokerage, strengthening its position in the cryptocurrency trading sector. This, paired with a significant upgrade to its Voyager Token, was enough to entice investors to rush to VGX.
However, when the crypto sector as a whole deteriorated in 2022, so did the Voyager Token. Three Arrows Capital’s failure on more than $600 million in crypto loans has exacerbated VGX’s recent fall. The network took the “difficult but essential” decision to “temporarily cease trading, deposits, withdrawals, and loyalty awards” on July 1.
As part of their asset protection strategy, crypto broker Voyager Digital filed for Chapter 11 bankruptcy on July 5th. Stephen Ehrlich, CEO of Voyager, stated that he thought this was the best option for his customers given the market constraints, and that the move will preserve assets on the platform as well as the seamless operation of Voyager.
A few weeks later, MetaFormLabs launched a VGX pumping campaign. The initial pump, coinciding with the Twitter hashtag #PumpVGXJuly18, saw the token surge to highs of $0.6919 on July 18. However, on of August 3rd, the token was trading for $0.3524.
Does the VGX price forecast believe it can make a comeback?
What is Voyager?
The goal of Voyager was to transfer the brokerage idea from traditional finance to the crypto realm. It offers investors a safe option to invest in a variety of cryptocurrencies. The platform’s secret sauce is “smart order-routing technology,” which connects the brokerage to more than ten different exchanges.
Since its inception in 2018, Voyager has amassed a portfolio of over 100 cryptocurrencies, as well as an easy-to-use mobile app and its own debit card. Voyager’s product portfolio attracts both individual and institutional investors.
Crypto Trading Technologies is the brokerage platform’s parent business. It was founded by four people: brokerage veteran Stephen Ehrlich, former Morgan Stanley analyst Philip Eytan, ex-Warner Music adviser Gaspard de Dreuzy, and Oscar Salazar, Uber’s original architect.
So, what exactly is Voyager Token (VGX)? The cryptocurrency that powers the brokerage is known as VGX. It can be delivered as a prize to platform users or used to create interest through the Voyager app. VGX has been active for a while, and the brokerage token often reflects the larger market. As a result, it has performed quite negatively thus far in 2022.
Voyager’s past performance
The Voyager Token debuted before the platform on July 18, 2017 at a price of $0.06. It varied between its introduction price and $1.25 for the rest of the year. The coin saw its most significant breakthrough at the start of 2018, when the cryptocurrency market was especially optimistic. On January 5, 2018, it reached an all-time high of $12.54.
Following that, the token instantly corrected and hovered around the $4 level for the next month. VGX passed $5 again in early March 2018, but declined during the month, settling at $2.
The Voyager Token had another surge, reaching a high of $5.02 on May 10, 2018. This comes as Voyager stated that its mobile app will be available by the end of 2022.
However, VGX was vulnerable to the 2018 crypto meltdown. Following its peak in May, the token continued to fall and was trading at $0.12 at the end of the year. The Voyager Token was unable to escape this trend over the following two years, remaining below $1 until 2021.
VGX began a rise in the close of 2020, which culminated in a breakout in 2021. On January 30, the token reached a price of $2.80 for the first time in two years. This followed the listing of a slew of tokens on its platform. Voyager provided trading support for Enjin, Elrond, Golem, Terra Luna, Kyber Network, and others in January alone.
VGX continued to rise and reached a high of $6.90 on February 20, 2021, a day after the Uniswap token was added to the platform. The Voyager Token managed to stay over $5 for the remainder of the month.
It reached a new high of $6.97 on March 1, 2021, following the announcement of higher brokerage interest rates. The cryptocurrencies Dogecoin, Decentraland, and Uniswap were all featured in that month’s interest event.
After stabilising for the remainder of March, VGX saw another price increase a month later on 14 April. This happened after Voyager was named a finalist in the US FinTech Awards. The token surpassed the $5 threshold.
On 1 May 2021, the platform announced a loyalty programme for VGX holders, bringing the token back near to $5. Depending on the number of Voyager Tokens held, investors might be eligible for a variety of prizes.
VGX was unable to maintain its momentum and fell below $2 in July. August, on the other hand, proved to be an interesting month for the firm. On August 4, 2021, it purchased the cryptocurrency payment company Coinify and adopted the upcoming Ethereum hard fork. The next day, the Voyager platform was named the best crypto trading programme by Benzinga.
A new version for the brokerage’s token was released on August 20, 2021. VGX 2.0 was designed to increase traffic to the site by increasing prizes and incentivising users. All of Voyager’s August headlines culminated in a high of $4.67 on the day of the new token launch.
VGX had to wait a little before reaching its next high, which came at the close of the year. Voyager announced the launch of its own debit card on November 16, 2021, with an early access version available to users. This new card allowed users to spend everywhere Mastercard was accepted and earn cryptocurrency interest. Six days later, VGX surpassed the $5 barrier once more.
However, it has not been able to match that level since then. It fell below $3 at the end of December and will go below $2 in January 2022. More bad news arrived on March 30, 2022, when the state of New Jersey ordered Voyager to “stop and desist” in a series of charges against cryptocurrency-based, interest-bearing account issuers in the United States.
The precipitous drop continued on May 12, 2022, when the coin traded at a low of $0.5895. A few days later, Voyager Digital (VOYG) announced that it had received $60 million in a private placement offering headed by Alameda Research. Voyager Digital also reported revenue and user numbers for the quarter ended March 31, 2022, with revenue increasing.
The crypto collapses, on the other hand, have taken their toll on both the VGX coin and the enterprises participating in the Voyager platform. On June 27, Voyager reported that it has issued a default notice to Three Arrows Capital (3AC) for failing to make the minimum payments on the hedge fund’s loans.
3AC’s Voyager loan contains 15,250 BTC and $350 million in USDC. “Voyager intends to pursue recovery from 3AC and is in discussions with the company’s advisors regarding legal remedies available,” according to a press release.
VGX is now trading at $0.3524 as of 3 August.
VGX price prediction
According to certain projections, the brokerage token will ultimately achieve a new all-time high.
According to Gov.Voyager Capital’s Token price forecast for 2022, it will surpass $1 by September and reach $1.50 by December. The site predicts that the token will be worth $5.40 in a year. It forecasts VGX will surge much beyond its all-time high in the next five years, reaching $35.29.
WalletInvestor predicts that the VGX price will be a “poor” long-term investment. According to the site, VGX will fall to less than $0.04 next year.
PricePrediction.net aims higher. It forecasts VGX will reach a high of $1.06 this year. The site predicts a Voyager Token price of $2.77 in 2025. The site then predicts a general year-on-year increase, with the price hitting $17.10 in 17.10.
Meanwhile, DigitalCoinPrice believes the token will not rise over $10 in the next decade. It expects VGX to average $0.47 this year. The site’s VGX price prediction predicts the token will reach $0.69 in 2025, with a Voyager Token price projection of $1.61 in 2030.
