Verge is one of those cryptocurrencies which evokes a mixture of responses. Some people love it, others hate it and others are indifferent to it. It's got a funny reputation amongst crypto enthusiasts but regardless of your thoughts on Verge, formerly DogecoinDark, or its development team, there's no denying that Verge has managed to do something that not many other cryptos have. And that's to form a meaningful working partnership with one of the world's biggest companies.
Last week Verge and MindGeek announced that they had formed a partnership which would see Verge be the first cryptocurrency payment method added to its porn sites such as Pornhub. It comes as no surprise that porn is one of the most lucrative industries in the world, generating billions of dollars in revenue every single year. MindGeek sits at the top and owns some of the biggest and most profitable porn sites in the world and processes millions of dollars in subscriptions and sales each day. Given the size of the market, it's fair to say that this partnership is pretty significant.
Not only does it expose Verge to more and more people in the world, it also helped get it mainstream coverage with sites such as Forbes and Metro covering the announcement. It's given Verge its first big taste of adoption. If you're a Verge holder though, the price per XVG hasn't quite reflected what some may have expected to have happened following such a significant partnership. In the hours leading up to the announcement, the price of XVG had surpassed $0.11, a significant rise from its price of $0.03 less than three weeks earlier.
Given that the supply of Verge is just under 15 billion, it's unreasonable to expect rises to $0.50 or $1 in the short-term but some had hoped that Verge would head towards the 20 cent mark following the partnership. Instead a rapid sell off occurred which saw Verge drop to $0.06 per coin before rallying to its current price of 7 cents.
When the cryptocurrency market was at its peak in January, Verge hit a record 24 cents per coin. That's 1729 satoshi per XVG. As the price of Verge is intrinsically tied to the value of Bitcoin right now, any rise in the price of Bitcoin will see the price of Verge also rise. That alone allow for a decent amount of profit to be had on Verge if you believe in the long term outlook of Bitcoin. Not only that, but I feel it is unlikely that Verge will drop much further. Since the fallout of the partnership with MindGeek has disappeared, price movement hasn't been drastic one way or the other. All things considered it's been fairly stable.
If the MindGeek announcement left you disappointed, I admit that I was a little underwhelmed given how it was built up, it's important to remember that Verge also has close ties to TokenPay, a payment processor who donated tens of millions of dollars towards the community fundraiser back in March which allowed this partnership with MindGeek to go ahead. If a company like TokenPay believes in the Verge team, there's a good chance that the price of Verge will reflect this in the long run.
If the cryptocurrency market makes a full return to a bull market and sentiment remains positive, I fully expect Verge to be one of the big gainers in the long run. Given what it has been able to achieve with MindGeek and other potential partnerships that may be formed, along with its ties to TokenPay and its low price, Verge is one of the coins I'm keeping a close eye on.