The past few weeks have seen Verge XVG head towards recovering from the drop, encouraged by their big April partnership announcement.
In case you have been hiding in a tree for the past month, I’ll update you. Verge have partnered with Mindgeek, the group behind many adult entertainment websites, namely Brazzers and PornHub. Because of this, the likes of PornHub are now accepting Verge payments for their subscription packages.
This news caused Verge to crash, after climbing to a peak just above $0.10 as a result of the anticipation caused, leading up to the announcement date in the middle of April. The crash saw Verge stoop to $0.06 as many people cut ties with the currency. Investors and fans where left disappointed, not because of the nature of the announcement, but because of the speculation that surrounded it from the outset. Essentially, Verge let rumour get the better of them.
Okay so since Verge bottomed out, it has had quite a solid few weeks, rising back up and hitting values around $0.08. This of course suggested the Verge was well on its way to a full recovery and that eventually, it could hit $0.10 once more, with ease.
We suspect that this could of course be caused by the brand-new customer base that in theory would be buying Verge in order to privately pay for their PornHub subscriptions. Combined with this, we have also seen rumours of a Verge x Spotify partnership, among other surges of speculation.
On the flip side, we now see Verge entering another steep slope. I must mention that this is not exclusive to Verge, the markets seem to be crashing over all, however Verge looks to be taking a big hit here.
At the time of writing, Verge is valued at $0.058 and is down 22.81%. This drop is moving Verge steadily towards its lowest recorded values for 2018, figures as deep as $0.025, as seen in March.
We mustn’t panic just yet. As I have mentioned, this decline is universal, all the major currencies are taking big hits right now. The worry is, how long will it last and moreover, how much damage will be done?
If Verge settles back out then it is all well and good, however, how low will it settle back out? If its below $0.050, as Verge’s current trajectory suggests, we can start to wonder how Verge will ever make tracks back up to $0.10? They can hardly ‘re-announce’ PornHub can they?
Whilst things look pessimistic at the moment, let us try and remain positive. This could lift pretty soon and hopefully we will see some balance restored. We do however need to get to the bottom of what is going on here, until a cause is located, people will continue to worry about the health of their assets, understandably too.