|May 15, 2018 01:58 AM||By: Jinia Shawdagor | 5578 Views|
Things for Verge and XVG have been rough of late. Despite some sense of optimism growing close to easing Verge upwards, overall the currency has tried to see any recovery towards the benefits achieved back in April, before Verge’s PornHub partnership announcement.
Why did the announcement cause so serious damage, is porn that bad?
We don’t think it is the reality of the announcement that has caused the damage, rather, it is as a result of the artificial hype generated by Verge and the Verge Devs leading up to the announcement. They passed speculation to get the better of them, and they allowed rumors 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, shortly after the announcement was made.
Furthermore, several people argue that the majority of Porn is free, so whilst many people do use PornHub, that’s a presented, only a small number will decide 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 accept Bitcoin to purchase XVG? Even more so, how many of those users would be prepared to buy Bitcoin to go then on to buy XVG, when they could simply pay in fiat currency from the outset?
Originally, this partnership seems great right? But when you run through it with a fine-tooth comb, you may begin to see why several people are still skeptical about Verge now.
This is evident when you look at the production of Verge and its seemingly sinking market capitalization.
Before the release, Verge XVG was valued at $0.114 and had a market capitalization of $1,705.430.088.00, at the same point XVG had a 24-hour trading volume of $505,681,000.00.
Now, at the time of writing, Verge XVG is estimated 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 simply $38,627,700.00.
A quick comparison of these values does indeed verify that Verge XVG has sunk it’s going to struggle to grow back from this.
It’s almost one month since the decision was made, with this in mind you might have assumed Verge to be in a better situation than it is now, given the scale of the hype circling the partnership.
Of course, not all hope is lost, with planned partnerships in the works and more plans for Verge XVG domination, we want 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 requires pulling something out of the bag sooner rather than later if they want to limit damage from this.