Verge (XVG) continues its unbeatable march towards delivering what it calls the partnership of the year. And even before the D-day, 17th April, the coin has confounded critics and wowed supporters by its tremendous growth over the last two weeks. After beginning the month with a 100% price jump, the crypto is now +70% over the last seven days.
Today XVG traded at $0.097 against the USD, with a 24h trading volume of over $180 million. The continuous upsurge has seen its market cap jump to over $1.45 billion from just above $570 million on April 1, 2018. Within this period, XVG has spiked by over 300% from the then value of $0.03 against the USD.
The unwavering support over the fortnight has had another impact on the coin already; it is now the second most traded coin on Binance. And it isn’t showing any signs of slowing down as speculation over the mysterious partner hits fever pitch. Even though the spike can be a result of a FOMO, nothing can take away the fact that the team at Verge played it smart. Will the surge hold? Tuesday will tell.
D-day is fast approaching
It’s now just four days to the big day for XVG and its great community, a fact acknowledged by the Verge team on their Twitter page.
Proceeds from the recent crowdfunding initiative that belied the whole mystery, seemingly, is already being put to use behind the scenes in readiness for the “big” day that will alter the course of crypto. The integration efforts for the Ledger Nano are ongoing. By itself, that is a step in the right direction as it will benefit the community in terms of safe storage for their coins.
Who’s the mystery partner?
For a while now, much has been read into who the partner to “change the whole of cryptocurrency” is. A few names frequently pop up: TokenPay (high speculation), Amazon (it would fit the bill, but can it be? I doubt It.), and GoDaddy (where it all came from, it’s your guess as is mine too)
Even a few enthusiasts point to the above tweet, interpreting it to mean that it’s someone closer to TPay. Verge itself, referenced a link to an article that speculated on whether the mystery partner was indeed TPAY. Earlier in the week, the XVG team had also indicated collaboration with the company on the release of debit cards.
Even though little else is known about the partner, it’s felt that the ideal partnership will involve a company with the right credentials. We could think of infrastructure and high web presence as a part of the desired attributes.
The hype this impending partnership has created can only be matched with an equally explosive deal. Anything other than that could have a spiral effect, culminating in the value of XVG tumbling. However, the situation can’t spiral out of hand completely due to the fact that the Verge project provides tangible solutions. That’s part of its appeal.
XVG’s platform appeals to many, but vulnerabilities need fixing
After the 17th, focus will turn to what Verge and the mysterious partner can do to bolster the platform. At the moment, the success of this community-driven crypto project owes much to the focus of the team, led by lead developer Sunerok. It should also be noted that Verge didn’t raise as much money as many coins that are yet to roll out a working product.
To its credit, Verge already has a working product and shows the promise of delivering. Their Wraith protocol does provide a solid technological base for venturing further into the privacy field of blockchain. The opt-out feature that allows choosing between a private blockchain and a public one stands out.
The excitement, therefore, isn’t borne of mere expectation, but a belief that a partner of a certain pedigree could elevate the project to even greater limits.
Stability going forward should be the driving force behind the deal, as Verge has suffered the ignominy of being attacked twice. The recent exploitation of a flaw in its mining protocol, led to an accidental fork while fixing it. Such events shouldn’t reoccur as the damage they effect to investor confidence may not be easy to recover from. Meanwhile, all bags are packed; Verge (XVG) could be headed to the moon!