The XVG coin took an immediate dip on 17th April, plummeting over 30% in a day as apparent disapproval of its partnership triggered a sell-off. Within the three or four days, Verge (XVG) has plunged further, from a high of $0.115 against USD to the current $0.067. The bearish has looked to tighten a hold towards the privacy coin, even as other assets across the market continued to gain.
A summary of the situation would read like this: most of the weak supporters have either left or are in the process of doing so. This means that Verge has an opportunity to get new believers on their side.
The downside of such a scenario would be for a pump scheme emerging out of nowhere. That would hurt its prospect further down the road. That hasn’t happened so far, though XVG is still in the red. It appeared to rally briefly before dropping again.
Yet, indications are that the sentiment around Verge (XVG)’s recent partnership with MindGeek via its flagship site PornHub, is slowly turning from one of outright negativity to one of guarded optimism. And it wouldn’t be so far off to think that the turnaround will be complete within a couple of weeks or so.
There are reasons to support this outlook. And one of them rests on the fact that more partners could be coming on board.
Is this a new partnership?
The Verge team has been uncharacteristically quiet since Tuesday. It’s not a bad idea, as they need time to sit and reflect on what next for the privacy coin. In the absence lead developer Sunerok’s word, a source close to him has indicated that there is a new partnership in the works. The information first surfaced from the Twitter page of XVGWhale, one of the prominent supports of the coin.
He tweeted that he had met the MoreFun team and that a deal was in place to integrate Verge into their gaming ecosystem. More precisely, the tweet claims that the partner will create an XVG wallet and use the coin as its in-game currency. Even more appealing is the idea that there would be mobile access to both Android and iOS.
This could spell a period of increased Verge accessibility, effectively ushering in a chance for new users to join the Verge community. The plus side here is that the majority of the newcomers would be motivated by usability rather than viewing XVG as just a speculative asset. We are likely to find out more in coming days, though short-term I expect positivity to begin trickling in.
MindGeek will actually begin to deliver for Verge
Firstly, optimism Verge will rebound sprouts from the potential returns from the partnership. Just days after deciding to accept XVG for porn payments, PornHub has announced that they have received thousands of payments in XVG. Even though this has yet to be independently verified, it has one major knock-on effect: expansive marketing.
The biggest adult entertainment site boasts of 100 million visits daily. All of these users will be met with an ad reminding them of Verge and the benefits of paying in cryptocurrency. This active marketing is likely to turn the tide in XVG’s favor, generating interest and demand. It’s also worth noting that the adult entertainment industry has been the trailblazer of technological adoption in the last few years.
As such, Verge could be among the first coins to get completely accepted for a global mainstream use. If MindGeek keeps releasing those figures and it hits investors that this is really working, then expect optimism to give way to active anticipation.
Keep a closer watch of Verge (XVG), the coin isn’t going down anymore and could even shoulder some recovery attempts this weekend.