We explore how Verge’s network has performed over the year and what the future might hold for the platform.
At the start of the year, Verge entered the cryptocurrency market as the 23rd most valuable cryptocurrency by market cap on January 7th, and traded at $0.183720 USD. At the time, the cryptocurrency bore a total market cap of $2,665,598,146 USD.
Cut quick to the present in September and it seems as though the year has not been kind to both the market and Verge. Now the token is sitting over ten positions lower at 36th most valuable cryptocurrency, and is trading for $0.019060 USD, and bears a total market cap of $289,185,765 USD.
In relative terms, Verge has lost a whopping near 90% of its trading value over the past nine months, while its market cap has similarly diminished by approximately 89%.
At its height on 17th of April, the Verge network saw some 200,812,644 XVG transacted daily – down from a record of 270,418,665 XVG on 5th of January in 2018.
Excluding 11th of August 2018, which saw no VXG transacted, the network’s lowest point saw only 136,130 XVG transacted on 14th of July, while the network’s next high point of 115,625,396 XVG shifted hands on 3rd of April.
The Verge of attack
In April of this year, the cryptocurrency faced a massive attack which saw 250,000 XVG stolen from its network after 12,000 empty blocks were created.
After finding out about the attack, the lead developer posted an emergency commit to Verge’s codebase as a means to reduce the network’s maximum clock drift from two hours to just thirty seconds. The token’s Twitter account downplayed the incident, saying that it was a “small hack attack“.
In May, the network saw its second attack and lost up to $1.7 million USD in funds. The hacker was having a field day pilfering up to $1,000 USD per minute – a whopping amount of money for a startling amount of time.
Once again, the company played it off as a little-to-nothing affair which unsurprisingly annoyed Verge users who weren’t afraid to say so.