Since the start of the sell-off in mid-January in the cryptocurrency market, Verge (XVG) has been on the spotlight with the developments witnessed amongst the community. However, the reflection of the negative news in impacting price seems to have taken even a greater effect as XVG price plummeted in the since the platform was first compromised in late March.
The Mindgeek Inc. partnership also played a role in seeing the price fall as investors disregarded the partnership. However, I believe that Verge has had its highs and lows just as any other cryptocurrency project hence the huge fall in price may be overestimated. Below we focus on why XVG’s sharp fall in price should not be a key feature while looking to invest in the coin.
Reasons why XVG price dropped sharper than expected
- Bad news have a greater impact on the price in bearish markets
Since the whole cryptocurrency market started to collapse from the all-time high in mid-January, XVG has seen a run of negative news on it. There has been two 51% hacks on the network that has caused worry among various investors causing a massive selloff.
Looking at the problems faced by the Verge (XVG) private network, the result of its price plummeting at each of these hacks, does not give the whole story. Comparing XVG to similar hacks on cryptocurrencies in late December and early January. XVG was in a sea of sharks, investors were quick to sell off their holdings to any negative news out there, FUD. The third report of the same type of hack on XVG proved to be a false alarm giving investors no worry in HODLing their tokens.
- Mindgeek Inc. partnership is gaining popularity
The ‘partnership of the year’ so far. No other partnership was given mass attention in the cryptocurrency space as Verge Foundation partnership with Mindgeek Inc., the parent company of Pornhub and Brazzers adult sites. Pornhub started accepting payments in form of cryptocurrencies with XVG being the first on the adult site. The partnership brought about mixed feelings across the cryptocurrency communities as to whether the partnership is beneficial or was a total failure. On the investor’s side, however, the verdict was very clear as the price plummeted to $0.025 USD per token. This came as a reaction to Justin Sunreok, CEO Verge Foundation, termed the partnership as the revolutionary partnership of the year.
However, as mentioned before, failed targets and no targets translate to the price directly. XVG lost over 150% of its value in a couple of hours after the announcement of the partnership with much ridicule. However, XVG gained the attention of the public through social sites and mass media opening a new market to the token. All that XVG awaits is for a price retraction on the market. The privacy offered by the coin is functional, the coin is cheap at the moment, and it is has gained investor’s attention.
Verge (XVG) currently trades at $0.02442 USD, representing a slight 3% drop in the last 24 hours. The coin is ranked 37th on Coinmarketcap listings with a total market capitalization of $367,950,053 USD.