FTT Token

Token

Impact

Coin

<p style="text-align: justify">One of the most important factors determining the price of a cryptocurrency is token supply. The unit price is shaped accordingly. The reason why meme coins have prices with a lot of zeros is because their <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">market</a> value is divided by quadrillions of supply. Today, one of the popular cryptocurrencies of 2022 has significantly reduced its supply. As a result, its price has increased considerably.</p> 
<h2 style="text-align: justify" id="why-did-vgx-coin-rise">Why Did VGX Coin Rise?</h2> 
<p style="text-align: justify">Bankrupt crypto lending firm <strong>Voyager</strong> has come into the spotlight again today after burning approximately one-third of its supply. The price of <strong>VGX token</strong> has increased by 18% after the token burning process. The address used for burning approximately 83 million tokens in two transactions.</p> 
<p style="text-align: justify">Miguel Morel, the CEO of Arkham Intelligence, stated that this move was intentional.</p> 
<blockquote> 
 <p style="text-align: justify">“They first sent a test transaction to the burning address. Then, two minutes after it was confirmed, they sent the rest. In the other address, they first sent <strong><a href="https://coin-turk.com/ethereum-2-0a-saatler-kalmis-olabilir-gozler-eth-gelistiricilerinde" style="text-align: justify" data-wpel-link="exclude">ETH</a></strong> for gas, and 8 minutes later, the remaining tokens were transferred to the burning address. That’s why it seems intentional. The motivation behind it is currently unknown.”</p> 
</blockquote> 
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-273286 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/VGX-Neden-Yukseldi.webp" alt="" width="2182" height="1246"></p> 
<h2 style="text-align: justify" id="the-future-of-vgx-coin">The Future of VGX Coin</h2> 
<p style="text-align: justify">On July 6, 2022, the crypto lending firm that filed for bankruptcy entered an irreversible path. The company and senior executives were banned from operating in this field. Moreover, there was a demand for the destruction of the tokens they held. This recent demand may have been implemented today, and that’s why the tokens were transferred to the burning address.</p> 
<p style="text-align: justify">So, while the platform has gone bankrupt, the executives have been penalized, and the team has started burning their tokens, how can VGX Coin perform? If a miracle happens and Voyager starts operating with a new brand, and VGX Coin is redefined as a local <a href="https://coin-turk.com/yine-bilebilir-kasim-dibini-bilen-kripto-uzmani-uyardi-btc-eth-doge-ltc-shib-ve-digerleri" style="text-align: justify" data-wpel-link="exclude">cryptocurrency</a>, it could be a story of redemption.</p> 
<p style="text-align: justify">However, this is the most optimistic scenario and the likelihood of it happening is very low. So why do people buy or hold VGX Coin? It’s hard to understand because even though it was said that FTT <a href="https://coin-turk.com/yuzde-50-artabilir-ilk-10-kripto-paradan-biri-btc-eth-bnb-degil" style="text-align: justify" data-wpel-link="exclude">Token</a> will be useless (FTX Bankruptcy Committee Comment), there are still those who invest in the token of a bankrupt company. Or LUNA Coin, whose founder is in prison, continues to find buyers.</p> 
<p style="text-align: justify">Perhaps a group of investors has been holding onto VGX Coin for a long time with the expectation of speculative price movements?</p> 
<div class="sorumluluk_reddi">
 <strong>Disclaimer:</strong> The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore the risk associated with cryptocurrencies and should conduct their own research before making transactions.
</div> Continue Reading: <a href="https://en.coin-turk.com/why-did-vgx-coin-rise-the-impact-of-token-burning-on-the-price/" data-wpel-link="internal">https://en.coin-turk.com/why-did-vgx-coin-rise-the-impact-of-token-burning-on-the-price/</a>

Why Did VGX Coin Rise? The Impact of Token Burning on the Price

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