One of the most talked about coins this month is Verge (XVG). Since the CEO, Justin Vendetta announced a big partnership is coming, the price of XVG kept climbing hitting the $0.1 mark on the day of announcement as daily trading volumes hit an all-time high of $1 billion USD worth of XVG. As we come to a close of the first month in the second quarter of the year we look at XVG’s performance so far in the month.
- Developments and Partnerships on Verge
- Spotify Idea Tank Submission
The recent submission of a Verge partnership idea to Spotify will strengthen XVG’s price even further. Spotify has an idea tank on which users can give their opinions and ideas to develop and better the platform. The ideas are then placed out for a vote amongst Spotify community members and the top ranked ideas are then implemented on Spotify. One user proposed the addition of Verge as a payment system on the platform and it is currently one of the best performing ideas on the platform.
Spotify uses their own algorithms to determine the ideas to be implemented but with over a thousand likes on the XVG partnership idea, the Vergefam may well see the much ‘expected partnership’. Such a partnership with the $2.5 billion dollar music streaming company will erase the debacle it faced after Mindgeek partnership.
The good and ugly side of Spotify/ XVG partnership
The private nature of Verge (XVG) comes as a blessing as well as a curse in such a partnership. On the ugly side, the private nature of payments will require a lot of regulation to be put in place given that taxation in the entertainment industry. This would however be an accomplishable task if both parties came to an agreement. On the brighter side of things, private payments may drive up sales on the platform with KYC protocols minimized. This will make purchases a lot faster and cheaper. Spotify stands to gain from saving the costs involved in obtaining their customers information for transaction purposes. The partnership is a win-win situation for both companies.
- XVG ranks 3rd on Twitter impressions per hour
A report on the most popular cryptocurrencies on Twitter for the last month was released this Thursday. XVG ranked third on the list with 800+ impressions per hour as Tron (TRX) and Bitcoin (BTC) took the 1st and 2nd places respectively.
The increase in popularity on the platform was heightened as the Vergefam waited impatiently for the announcement of the new partner. The token rebounded on the charts on Friday as the Spotify submission went active.
Verge (XVG) currently trades at $0.0784 USD, signifying a 12% increase in a day. The coin suffered earlier in the month as its partnership with Mindgeek, parent company to Pornhub, saw the coin dip to below $0.02 from a high of $0.15 on April 17th.
The daily chartXVG weekly chart (Source Coinmarketcap)
Verge (XVG) price during the last week started off at a high price of $0.07 and has since experienced dips that were quickly corrected as the week progressed. However, the sudden 20% drop in price on 25th placed the coin outside of the top 30 largest coins as its market capitalization tumbled to $882 million USD. The token is back to 25th position as the market cap breached the $1 billion USD mark. The negativity spread after the partnership seems to have been forgotten with the token slowly reclaiming its lost glory.
As the slow rise of a damaged reputation takes shape, XVG is well placed to hit the $0.1 mark before the end of Q2 2018.