Debit cards, partnerships, and popularity indexes, oh my! Verge (XVG) and it’s adherents seem to parade these to no end. Unfortunately, despite all the hype and the growing popularity surrounding it, Verge (XVG) has been displaying a very poor performance relative to the rest of the market lately. Running from 0.04 USD to 0.11 USD nearly overnight on rumors of a game-changing partnership recently it seemed like the good times would never end for Verge (XVG), flash forward to the present, after the revelation of its partnership with Mindgeek, and subsequently Pornhub, XVG fell to 0.05 cents and hasn’t really done much else at all.
Why is the price of Verge (XVG) not moving
While coins like Kyber (KNC) and Zilliqa (ZIL) have doubled, or even tripled, XVG has found itself becoming a “stable coin”, deviating even less in USD value than Tether (USDT), which is supposedly pegged to a dollar. Since the partnership was announced, there has been wave after wave of news that one would think would translate to a bullish price action. None of this seems to matter, however, as XVG does only one thing: sit there at 6 or 7 cents.
According to at least one “article”, XVG is surging in popularity. It is hard for me to believe that an instrument so utterly yawn-inducing, and with such a shady history, is “Surging in popularity”. I would think something like Ontology (ONT), which raised 10 fold in price over a very short period, would be the definition of “exploding in popularity”. To me, this sends a different message. It says to me that XVG has a small, but very loyal, base and it is supported by get-rich-quickers who are easily sucked into the empty hype.
To compare it to another very well known coin, Tron (TRX), it almost has a cult-like feeling to it. Think of it this way: TRX has never produced anything, and likely will never produce anything, yet… it is still hyped to no end as if it’s buyers didn’t constantly end up holding a big fat bag of nothing. This isn’t entirely fair to XVG as they have produced some things whether they proved useful/wanted or not, however it still shines a light on to a hopeless mentality. The mentality of falling in love with a coin to the point that reason is abandoned all on a speculative notion that it will rise to new heights.
The Usual Suspects
First off, we’re immediately met with atrocious grammar and spelling. I won’t fault the author for that, as English probably isn’t their first language and most of its native speakers have no idea how to use it anyway. This is where we get into the real red flags. Immediately upon examining the sidebar, it is filled with further articles basically pumping the biggest losers in cryptocurrency. All the usual suspects are present: Tron (TRX) Ripple XRP, you know, coins that don’t have a reason to exist.
As far as the actual content, we aren’t provided by much. Just the proclamation that Verge (XVG) is super popular and some dubious sources to back them up. He refers to these sources as “Twitterati”, which I’m pretty sure just means some random Twitter (NYSE:TWTR) user. Wow. Here is my favorite quote from “Dev, a crypto-analyst”, Dev says, “Verge is hiking up because of its partnership with Pornhub and Steamlab. Of course, the popularity has been gained but the appraisal goes to Verge team for choosing such smart contracts with popular companies.” Is it hiking up Dev? Is it? Because I could swear trading in a straight line was not the same thing…
New announcements and partnerships seem to drop daily and there is no end to the appearance of excitement among its community. A closer look reveals all that optimism may just be a desperate grab at straws for a coin that seems, for all intents and purposes, to be dead in the water. The news appears bullish on the surface but is fundamentally hollow. At this point, no amount of pumping, news or fresh bagholders may save XVG from running in place.
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