In the build-up to its high profile partnership with adult entertainment brand Mindgeek, Verge (XVG) saw the value of its coin skyrocket. The coin’s price rose over 200% to reach a high of $0.115 a few hours before the partnership was announced. On the material day, the privacy coin traded $1.3billion worth of XVG, taking its market capitalization to $1.3 billion.
However, the coin saw a dramatic decline in the aftermath of the deal, slumping sharply to $0.063 negating the gains made. It happened so, even as the rest of the market began to rally on a bullish trend, causing panic among XVG holders.
After trading $429m worth of the coin on 19th, the volumes dropped to a measly $53m by 23rd. However, the currency was buoyed by a spate of good news and rallied to see volumes rise to $129m by 24th according to stats on cryptocurrency market site coinmarketcap.com.
Today, (during the Asian trading hours) the coin has already traded $132m worth of its native currency, surging +8.18% on the hourly charts. Most importantly, the negativity surrounding the coin is vanishing with each passing day. At the moment, the downtrend has been stemmed, its 7-day price movement gaining as the index dropped from -30% to -10% in two days.
This shows that it’s only a matter of time before XVG drops out of the red zone into the green. And with that, the coin will begin to climb on the charts. After dropping to rank 29th, Verge is expected to move up as Q2 picks up speed. In the end, we could see a coin that many had almost given up on, rallying to reclaim its place. That would also mean its value surging closer to or past the $0.1 before long.
So, what other reasons make us believe that this coin won’t stay below $0.1 for very much longer? Let’s enumerate them. Feel free to add to the discussion in the comment section below.
Verge (XVG) will soon become widely accepted as a payment currency for many more sites in different sectors of the economy.
In the aftermath of the partnership that some in the cryptocurrency industry criticized, the Verge team had wisely stayed off, choosing not to comment any further. Behind the scenes, the team has overseen some growth in terms of getting the privacy coin accepted in more places other than the porn industry.
Not much is out there concerning Verge’s next move. However, the gaming site MoreFun is providing a lot of hope for XVG in the gaming industry. The platform received a boost when the gaming site decided that it would not continue with plans to hold an ICO. Instead, they will utilize the Verge network to integrate XVG into the gaming transactions.
Another platform TokenPay has actively been involved with the Verge team and has teamed up before. Tpay was at the forefront during the crowdfunding that made the MindGeek partnership possible. It has also been known for a while now that the two crypto partners are working towards a debit card. The possibility of having XVG on a debit card could prove to be a game changer for the coin. Already a deal is in place with a German-based bank to facilitate that.
After it was suggested that the coin could become the in-game currency for the MoreFun gaming platform, it now turns out other high ranking sites are accepting XVG payments. Two such sites are Tor Guard VPN and CoinPayments. CoinPayments provides APIs and Plugins that let businesses accept payments in cryptocurrencies. The site may not be a major player in the industry, but by adding XVG, it has opened it up for use by any business that wants to keep their transactions private.
Tor Guard VPN on the other hand is an established site that boasts of being a global platform. It also provides Verge with an excellent chance to get adopted in the real world by a user base that could truly appreciate the coin.
Given that Mindgeek will continue to act as a great advertising platform for the Verge (XVG), we expect that more and more people will end up realizing how valuable it is. When that happens, it would be a matter of time before the coin hits the $0.1 against the US dollar.