In the world of cryptocurrency, entrepreneurs and conmen alike adopt a variety of ways in which to create value for their projects. Not least among these is the ever-popular practice of rebranding.
While veterans of the cryptocurrency scene will likely recall the name of DogecoinDark (DOGED) from a couple of years ago, almost everyone will know it under its current name of Verge (XVG).
Yes, Verge is nothing more than DogecoinDark under a new lick of paint.
It is the same coin, and utilises exactly the same generation and distribution protocols, just under a new name, and with a freshly designed logo.
The massive recent pump in Verge’s fortunes can be attributed to little more than marketing on the company’s part, most sceptics agree. With the cryptocurrency scene seeing a huge influx of newcomers, this naive bunch of fresh investors have proven ripe pickings for Verge, lacking as they do, knowledge of the coin’s history.
In a similar vein, many teams are looking at marketing and rebranding as a cure-all for their projects. There are benefits to such a move, of course: any previous mishandling of the coins can be wiped clean; there’s a whole new audience of wide-eyed investors who are more susceptible to sales patter than security protocols and investing in hype is cheaper than investing in the product itself.
Recently, the likes of Experience Points and Einsteinium have experienced major increases in price since their rebranding, despite a history of poor performance under their previous monikers.
The lesson here? Before you invest in the most recent craze, be sure to embark on some due diligence beforehand. Is this really a new coin, or is it an existing currency with a new brand name? With a little digging, you’ll be able to see how well the coin performed prior to its identity change.
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