What's Driving Token Prices? (September 21, 2022)

Katie Talati
Sep 21, 2022
Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.

  • VGX (-7.1%) - Earlier this year crypto exchange Voyager halted withdrawals in the aftermath of the Terra unwind and has since entered into bankruptcy proceedings. Several entities have been circling and considering picking up Voyager’s assets and customer lists, including Alameda Research. Earlier this week, a court ordered Alameda to repay a $200M collateralized loan to Voyager that was arranged prior to the bankruptcy. Alameda offered Voyager a line of credit post-bankruptcy to help fill the balance sheet hole and prevent a bank run scenario as they are also equity holders in Voyager. According to the court, Voyager can return the collateral owed to Alameda “as promptly as practicable.”

  • ADA (-6.%) - Today, Layer 1 blockchain Cardano is undergoing a hard fork dubbed “Vasil.” The network upgrade is expected to increase Cardano’s throughput and lower transaction fees. Cardano was created by Ethereum co-founder Charles Hoskinson, and its architecture has undergone academic review and research. As a result, progress on the blockchain has been fairly slow. However, the ecosystem is seeing more traction in the last year and boasts over 100 projects.

  • HNT (+5.9%) -Decentralized wireless network Helium yesterday introduced Helium Mobile—a direct-to-phone 5G service in partnership with T-Mobile. The agreement between Helium and T-Mobile is set for five years. Last week, news also came out that Binance US was short 4.5M HNT tokens after an accounting error within their exchange. Many are speculating that Binance will need to purchase these on the open market to make users whole.
DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document.