As the warm sunny days of summer closed off in mid-August, so too did the cryptocurrency market prices across the charts. As most investors cried foul of the downward trend, those holding Verge (XVG), were feeling a sense of “levelling and catching up” after spending most of year playing catch up since its failed partnership with Canadian based adult website, Pornhub.
Verge levels up to the market average
The fortunes of the market saw the drop of Verge, which was higher than the market average, level up with the market returns in general. However, this should not take away any credit away from the Verge development team who have done a tremendous job at restoring the image and rebranding the company to reflect new ideas and new partnerships to revolutionize the decentralized private payment systems.
The mistakes of the past committed by Verge are being eliminated at a gradual pace with the remaining residuals including low uptake of XVG on Pornhub and controversial partnerships slowing the total image transformation. The question however remains, does Verge Currency really have to format back to default to gain faith of its investors back?
“Verge Currency and other altcoins contributed to only 1% of the total payments on Pornhub”
The Pornhub debacle continues to be the biggest factor swinging investors to and fro the Verge currency. It is with such thought that the low uptake of cryptocurrencies on the adult site gives the investors in XVG a chill.
With XVG you never get a dull moment. Recent reports to Cryptoglobalist showed that XVG is still struggling to get its numbers up on Pornhub. Only 1% of the total Pornhub premium payments are made through cryptocurrencies with XVG one of the three so far to announce their partnership. Others include Tron (TRX), PumaCash and ZenCash. Having been on the platform for barely six months, it is understandable that the adoption has remained low.
“Cryptocurrencies currently account for “less than 1 percent of purchases made” on the platform. While the company does not share what chunk of its users pay for the premium service, its website attracted a mind-blowing 28.5 billion visits last year.”
The report however further showed that the company is not relenting in its quest to integrate the cryptocurrencies as one spokesperson put it.
“The results will come good in the long run. That being said, we expect to see widespread adoption of crypto[currency] and blockchain on our site in the near future,”
a spokesperson added.
The team will however need to work out plans on how to beat its competition on the site with the rewards at stake high. As the pioneer currency on the site it definitely holds a first movers advantage, but with TRX continuing to grow in advertising and stance in the crypto community, Verge should go back to their advertising mojo that saw them enter a frenzy hike in prices earlier in the year.
XVG will be relying on its partners to grow the adoption rate of the coin, amidst the levelling occurring during the year. The price is currently at $0.015571 USD, representing a 5% daily increase.