Verge (XVG) Pumps on News of PornHub Abandoning PayPal

The potential utility of XVG as a tool for online payments came back into the spotlight as the leading adult site removed the PayPal payment option.

It was the moment for Verge (XVG) to return to the spotlight. Back in 2018, XVG made a big noise around its partnership with PornHub, the leading adult site. The coin with anonymous options thus became a means of payment for the site.

But the utility of a crypto coin was only an exotic option at that point. Now, PornHub just gave a reason for more users to switch to XVG or other crypto options, as the PayPal channel was removed as a tool to transfer funds.

The news immediately caused an XVG pump, lifting the price move than 27% in a single day to $0.0049. XVG, however, remains illiquid and with risky trades, as well as usually slim volumes around $1 million per day. The recent pump saw volumes lifted to $10 million.

XVG currently sees more than 70% of its trades concentrated on Binance and HitBTC, in the pairing with Bitcoin (BTC). The asset is not well represented on exchanges, due to concerns about its anonymous transaction options. The asset is also one of the few altcoins with a very slim stablecoin market.

More than 94% of all XVG volumes are against BTC, with a small market for ETH. The coin has been overlooked in building pairings with Tether (USDT), missing out on a new stage of price discovery.

XVG has seen little more than speculative trading, through the community expects the price to reawaken.

Just like other coins, the XVG halving is regularly happening, and this time, the coin is expecting a pre-Christmas rally. Yet despite the listing on Binance, XVG lacks enough active markets to warrant a move to a new price range.

In the past, XVG also lost some of its credibility after a malicious miner produced thousands of blocks with too great speed. The exploit used one of the five mining algorithms, which is the same with Litecoin (LTC) and allowed the miner to point powerful ASIC at a network mined by GPU. Since then, the Verge team patched the exploit.

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