Verge (XVG) Wipes Out Gains, Sold Off on Peak Volumes
XVG almost recovered to its peak levels, but the coin suffered another crash, adding to the negative publicity.
The effect of the overhyped partnership for Verge (XVG) was not as expected - and the price continued to tank, losing more than 14% on active Asian trading, to $0.06. XVG was above 10 cents for a short while leading up to the partnership announcement, and the new, lower price, with an outlook to continue the slide.
The exclusive presence of XVG for PornHub payments did not excite investors, but the hype made for some robust trading gains, at least for those who managed to sell in time. In the past day, XVG trading saw record volumes, even above those during the December spike. At this point, it is still early to say whether the sellers would dominate, or buyers may start lifting the price.
XVG volumes reached above $280 million in 24 hours, but this time, Binance trading has slowed down, and the asset takes up around 6% in volumes, displaced by the usual BTC trading and TRON (TRX).
However, trading on Bittrex, te exchange more favored by US-based investors, sees XVG/BTC as the top pair, with more than 12% of total volumes.
Unfortunately, the drop in XVG comes just as other digital assets are starting to recover with bigger strides. At the same time, the Verge team continues with its publicity, believing that the exposure of PornHub, one of the biggest Mindgeek sites, is extremely valuable.
There is even a minor effort to list XVG on Coinbase - a move that has been proposed for many coins, but a listing is highly improbable. The Verge project will aim to create an ecosystem for the everyday use of the asset, and therefore the choice of PornHub as a spending option disappointed some users, who had hoped for a partner like eBay, or even Amazon.
This may bring another bout of distrust and bad publicity for XVG, while some are urging owners to hold and not abandon the project, seeing the price movement as short-term panic.