Verge (XVG) has again hit the headlines with a new form of fundraising. This time, they want their users to donate funds for a new partner to be revealed. This could be great news for users and investors though. Through their twitter account, users are requested to donate around $3 million (75,000,000 XVG). This sounds like a casual ICO but the excitement is real.
With the unknown partner, the community has responded positively. This makes it for users to transfer their XVG from their wallets to that of the fund. This sounds like fun for the user but the critics are already crying foul; it is not common to raise funds to reveal a mysterious partner in the cryptocurrency world.
Why the Hype around Verge Donations?
Verge (XVG) has in the past been on social media for negative reasons culminating in hacking of their twitter account. This is one of the best privacy Altcoin and should remain so to protect the identity of their users and a mysterious partner coming onboard should not ring bells of negativity; it is in the nature of the network to keep news under wraps.
All the hype is about seeking attention and getting to know what the Verge platform stands for. Following the hype, the coin gained 22% followed by $74 million XVG changing hands. The announcement has triggered a lot of activity and more coins changed hand thanks to the overwhelming support from affiliate exchanges.
“In line with our mission to empower people to bring blockchain transactions into everyday life, we are thrilled to announce efforts to establish the largest cryptocurrency collaboration to hit the market,” the fundraising appeal read. “Help us accelerate this crowd-funding effort and reach our target goal.” “If our goal is met, we will be releasing the name of the company Monday March 26, 2018,” it finished.
There are indications that this will go into rewarding Verge “staff” and increase their presence globally through marketing campaigns. The announcement means the user input will improve service provision on the platform and this could mean they are temporarily out of cash.
Verge Price Surge
The announcement serves as a double edge sword; XVG price stimulus and an awareness campaign. With an unknown partner with potential market reach; this means XVG getting a competitive edge over other cryptocurrencies and fiat money. This could be a major breakthrough for the cryptocurrency if indeed the revelation will be made on 26th March.
Verge Market Trends
The “mysterious partnership” news did not spare the Verge (XVG) market trends. The price surged to a high for the week of $0.04507 and which saw a volume of $80.5 million change hands in a span of 24 hours. The Verge coin is currently trading at $0.045210 having gained 24.83% in the last 24 hours registering a low market capitalization of$666.8 million
With the above trends, the tweet seems to have given the XVG more impetuous and might continue to Monday 26th when the mysterious partner will be revealed. The partnership will determine whether XVG will continue its recovery route or the price will slide back.
Most of the cryptocurrency media hypes tend to increase in prices which are later followed by drastic drops in the currency value especially for “hot air” partnerships. Investors and users alike are keeping their fingers crossed as they anticipate a worthy partnership that will drive Verge agenda to the next level.
Whether Verge (XVG) is broke or not, every enthusiast is waiting to see who the new partner is and what value they will add to the community and network. The additional funding should change the entire community and add value to the XVG token whilst increasing adoption through partnerships.