Things for Verge and XVG have been bumpy of late, to say the least. Despite some sense of optimism coming close to easing Verge upwards, overall the currency has struggled to see any recovery towards the values achieved back in April, prior to Verge’s PornHub partnership announcement.
Why did the announcement cause so much damage, is porn really that bad?
We don’t think it is the nature of the announcement that has caused the damage, rather, it is as a result of the false hype generated by Verge and the Verge Devs leading up to the announcement. They allowed speculation to get the better of them and they allowed rumours to develop, all in the pursuit of increasing the value of XVG. As a result of this, many investors felt very let down and consequently abandoned ship, immediately after the announcement was made.
Moreover, many people argue that the majority of Porn is free, so whilst many people do use PornHub, that’s a given, only a small number will choose to subscribe to it. Then, you must consider this, how many of those users already own XVG? Then, if not, how many own Bitcoin and can use Bitcoin to purchase XVG? Even more so, how many of those users would be willing to buy Bitcoin to then go on to buy XVG, when they could just pay in fiat currency from the outset?
Initially, this partnership looks great right? But when you run through it with a fine-tooth comb, you may start to see why many people are still sceptical about Verge now.
This is evident, when you look over the performance of Verge and its seemingly sinking market capitalisation.
Prior to the announcement, Verge XVG was valued at $0.114 and had a market capitalisation of $1,705.430.088.00, at the same time XVG had a 24-hour trading volume of $505,681,000.00.
Now, at the time of writing, Verge XVG is valued at $0.060, down 1.47%, with a market cap of just $909,452,890.00, sitting in 29th place, with a 24-hour trading volume of just $38,627,700.00.
A quick comparison of these figures does indeed confirm that Verge XVG has sunk, really, it’s going to struggle to come back from this.
It’s almost one month since the announcement was made, with this in mind you might have expected Verge to be in a better position than it is now, given the scale of the hype surrounding the partnership.
Of course, not all hope is lost, with future partnerships in the works and more plans for Verge XVG domination, we need to hang on and wait and see how Verge plan on recovering from this. The current sinking market cap is a sign that the team need to pull something out of the bag sooner rather than later if they wish to limit damage from this.
Let’s wait and see what happens here.