Verge (XVG) surges in value
As most other cryptocurrencies have taken a tumble in the last couple of days, Verge has seen a massive spike in value.
Both prices and volume for the smaller crypto have risen dramatically over the last 24 hours.
According to the Coin Thud live price charts, Verge has shot up by 49.97 percent over the last seven days and 25.65% over the last 24hrs, at time of press.
This news comes as the majority of the top 100 cryptocurrencies are in the red today, according to Coinmarketcap.
Why is Verge soaring?
Of all the cryptocurrencies, Verge has one of the most enthusiastic and supportive communities out there, known as the #VERGEFAM.
Recently, the community has been rallying to generate funding for further developments to the project.
The crowdfunding effort was set with a short window that closed on Monday with a target of 75,000,000 XVG.
In the few last hours of the deadline, Verge agreed to match donation from Tokenpay like-for-like, taking the total to the target of 75 million XVG coins.
#VERGEFAM! @tokenpay is matching donations until we reach 50 Million $XVG of our 75 Million $XVG goal! #Vergefam, Lets make this happen TODAY! Please join https://t.co/xjkE9HeMMd and follow the instructions and post screen shots into the telegram group above! pic.twitter.com/A0eMXDjExi
— vergecurrency (@vergecurrency) March 26, 2018
The market value for Verge started rising as the funding effort closed in on its goal.
After the announcement that it had been reached, the trend continued, and the price rose further through the night.
At the time of press, XVG currently stands at $0.0470.
Adding to the hype, founder Justin Vendetta is scheduled to make an announcement today to share some “amazing news” about a new partnership.
Where has Verge been?
The project has been met with controversy and has struggled to establish credibility over recent months.
Firstly, over-hyping caused XVG to rise to an unnaturally high $0.23 in late December.
Many accused the project of being a “pump and dump” scheme after buyers at the peak saw significant losses.
Secondly, the promise of adding the Wraith protocol feature to the project was delayed, leaving many spectators unimpressed.
The Wraith protocol would give Verge a true anonymity option, but by the time the delayed feature was added, it was already too late as the January sell-off caused altcoins to enter a months-long slide.
Altcoin trading has experienced extremely low trading volumes this year, and XVG was no exception.
At this point, it’s difficult to tell where Vegre will go from here.
The buzz will certainly affect its volatility, but this recent news is a prime example of how hype can cause traders to start buying.
Where will Verge go from here?
As with most cryptos today, XVG is under-priced, and even with this recent price burst, it’s still a long way from recovery.
Realistic predictions for Verge rarely pass $0.15 for this year, although that value is still three times where it’s at now.
XVG is also remarkably resilient, has a very active community, and trades on the world’s largest exchange, Binance.
Verge has survived many criticisms in the past and may be one of the assets that continue to grow over the next few years.
There’s a firm belief that the project will gain influence, and it’s not easy to disagree.
Verge is undoubtedly an underdog of the cryptosphere, and sometimes, one just can’t help but root for the underdog.