hurdles and "weak hands" prepare to sell.
Verge (XVG), the first coin recommended by John McAfee, achieved a phenomenal growth from sub-penny levels to $0.24 in less than a month. But dark clouds are gathering for this coin, as its technology seems to be lagging, and selling pressures may test the market.
The correction, at one point as deep as 20%, may not be the last, as problems have been shown about the Verge project, mostly related to having one sole developer who does not seem too dedicated to improving Verge.
A similar thing has happened to DigiByte (DGB), as the promotion by McAfee managed to achieve only a short-term pump-and-dump event, as DGB sank more than 20% in the past day. It seems like the promotion is not enough, and may only be triggering bots that take up the McAfee tweet and trade on the news before buyers come in.
In the case of Verge, an expected software update may be slower to come- not filling the expectations that the Wraith protocol would materialize by the end of the year. A Reddit poster warned that Sunerok, the lead developer behind Wraith, may not complete the expected update for months to come.
Because the rise of Verge was so fast, the correction came fast and deep, while no news of an improvement managed to materialize. Others believe the news of Verge being a failed project are fake, and that there is still work done, although so far with no visible results or updates:
Additionally, Verge is a project with a rather unfair wealth distribution, allowing for serious dumping. Some believe up to 95% of the coins are held in a handful of addresses.
In any case, Verge remains a risky coin pushed to publicity too soon. Others believe the corrections would be short-lived and temporary, and that Verge would in the end prove itself as one of the best coins for 2018.
by Christine Masters
https://cryptovest.com/news/verge-xvg-flying-high-but-future-remains-uncertain/