What Happened to Verge (XVG) Coin?
Back in April 2018, Verge (XVG) revealed a mysterious partnership that was expected to bring the coin to the new heights. The partnership, as we know now, was with adult entertainment website, Pornhub. However, it would seem that the XVG Pornhub partnership was not enough to save Verge from sinking.
Verge goes down despite XVG Pornhub partnership
The partnership between Verge and adult entertainment giant came as a big surprise for the XVG community. Pornhub was even commended by many for trusting in cryptos and introducing them as a payment option. Even the media was excited, calling this the biggest partnership in the history of cryptos. In fact, many believed that this will lead to a mass crypto adoption and that it will even change the stance toward the digital currencies, in general.
For a time, this seemed to be true, as the price of Verge skyrocketed once the partnership was first revealed, back in April. However, the price surge did not last for long, and XVG-Pornhub partnership ended up being only a temporary boost for Verge.
The reasons behind the doom of Verge are no secret. Not only has the entire year been a disaster on the crypto front, but the coin even got hacked via a 51% attack. The attack affected over 35 million coins in around 5 hours, which has left deep scars on Verge.
Soon enough, the coin started dropping, and over the course of a few months, it landed at the 39th place on CoinMarketCap’s list. Naturally, its price went down as well, and the coin is currently valued at $0.00429988 with a 24-hour trading volume of $988,415.
Pornhub decides that going crypto is the right choice
Pornhub, on the other hand, realized that going crypto was a good call. However, choosing Verge probably was not. Because of that, the website quickly became interested in other coins, like VIT (Vice Industry Token), ZenCashand TRON (TRX). Soon after that, they also entered into a partnership with PumaPay in order to make crypto payments more easier for consumers.
While great for the crypto world, the new partnership also affected Verge in a negative way, as the coin was no longer the only crypto on Pornhub. With everything that happened up to that point, Verge continued to drop until it reached the position it holds today. Obviously, Pornhub wasn’t interested in saving Verge. Even so, the coin tried entering new partnerships after XVG Pornhub deal backfired, but it did not help much, as we can see today.
In the end, many believe that Pornhub just used XVG, especially since it benefited from this partnership more than the crypto has. In the meantime, the crypto market continued to be unfriendly all the way until a short break in August, which also wasn’t too good for XVG. Whether the coin can make a comeback or not is anyone’s guess. As for the crypto community, the fall of any coin is a tragedy, but many hope that Verge will eventually find its way back.
Will Verge XVG Ever Make A Comeback?
Verge is slowly gearing itself for a price recovery as the sentiment in the market has been slightly changing. The bears are still around, and there are continual price variations. The price variations for XVG coin over the past five days were in the range of $0.0047 – $0.0056.
Current Statistics of Verge:
As of August 24, 2019, current statistics are as follows:
- Verge price is trading at $0.0051740
- The Market Cap is around $81,228,071
- 24 h volume is at $966,074
- ROI is at a gigantic > 9000 %
- Circulating supply is at a whopping 15,895,351,339 XVG
XVG to USD Price Comparison:
Verge price has been trying to recover as can be seen from the five-day price chart. From a high of $0.005628 on Aug 19, the price of XVG coin went down to $0.00490081 on Aug 20 to the tune of 12.93%. Verge price had a surge when it went up on the same day to $0.00557750 to the extent of 14.04%. Then, there was a drop when the XVG price went down to $0.004724 on Aug 22 to the extent of 15.29%. On Aug 23, Verge price has risen to $0.00530173 to the extent of 12.21%. Today, XVG price has marginally lowered to $0.00517400.
Verge Optimist Price Prediction & Conclusion:
XVG coin could set itself for another uptrend by the year-end as the bulls are trying hard to gain entry and work towards stabilizing the prices of altcoins including Verge. Long-term investors can wait for the tide to change and hold on to their investments as Verge shows some promise which could deliver in the long run. Short-term investors may not gain much in the current volatility.
Verge Reality Check Price Prediction & Conclusion:
Verge is/was a privacy coin which relied not on enhancing actual privacy at the blockchain level but rather by bolting Tor on to Bitcoin. It was heavily shilled on Twitter and Reddit last year, but the #VergeFam has gone quiet recently. Development and social media activity all but ceased when Verge was repeatedly 51% attacked earlier this year. The culprit was its unnecessarily complex five hash function Proof-of-Work algorithm, which led to it being much, much easier to exploit.
These weren’t small attacks either:
Development may be happening, but it doesn’t look lively at all.
📉 Price change: $0.16 ➡️ ️️$0.00706
✅ Drawdown: 95.2%
❌ Developer status: active
⚠️ Notable event: Verge was 51% attacked into oblivion.
⚖ Verdict: Verge was exploited on multiple occasions, with the developers unable to steel the protocol against those attacks. The future does not look bright for this pseudo privacycoin.
Hate to say it, hope that we’re wrong.. but promising project with ample opportunity, that fails. Verge XVG will be a distant memory by the end 2020. Stick a fork in this one, it’s done.