Verge (XVG) Drops Like a Rock as Partnership News Disappoints
Becoming the coin for an adult site in fact hurt the image of XVG, which aims for mainstream acceptance.
Verge (XVG), which appreciated wildly in the past weeks, finally crashed after the long-awaited partnership turned out to be underwhelming, or actually angering the crypto community. After it turned out that the mystery partner was, indeed, PornHub, as speculations abounded, the price tanked.
XVG lost more than 24%, sinking to $0.076 after only recently standing above 10 cents. Selling is happening on extremely active volumes, and may depress the price further. Verge is, in fact, the most traded asset on Binance as of publication time, ahead of Bitcoin pairings, taking up more than 24% of trading volumes. The XVG/BTC pair saw more than $500,000 worth of trading in the past 24 hours.
But the partnership is a reality, and in the coming months, Verge would be co-branded with PornHub, which would, supposedly, increase the coin’s popularity.
Yet the relatively high-profile event left investors cold. At this point, the crypto community has mostly criticism for the Verge project, mostly for organizing a large fundraiser to secure the partnership. Charlie Lee, founder of Litecoin, had little against the actual use case, but believes the XVG digital asset was not the best choice:
At the same time, Verge supporters on Reddit see the opportunity as exposure, through one of the biggest websites, visited by millions every day. For a small crypto coin, that would be a feat, since even the mainstream news about the world of crypto mostly focused on Bitcoin.
Crypto coins have been used widely in the adult industry, and in the past weeks, several digital assets were created for precisely that purpose, including SpankChain (SPANK). In the early years, Bitcoin had the reputation of being used to pay for adult content.
Verge has positioned itself in this sector to apply its quasi-anonymous features. At the same time, some XVG transactions are still visible.
At this point, the XVG haul of 75 million coins may be set for liquidation, to cover integration costs. A few days ago, the Verge project saw the scandal thicken, as part of the funds were noticed to move to a Binance wallet.
What is more worrying is that the team gave misleading information of needing to pay for hardware wallet integration. This further angered the community.