Later in the day, Justin Vendetta, Verge developer, will update us on the upcoming partnership.
The Verge (XVG) community breathed a sigh of relief as the latest funding round met its target. In the last hours of the deadline, Verge made an agreement for a matching donation from Tokenpay, taking the total to the target of 75 million XVG coins.
The market price of XVG was growing, but after the news the trend continued and the coin added another 18% to its price overnight, reaching $0.049. The price still rallies ahead of the details of the partnership.
The Verge project had a hit on its credibility for several reasons. For one, its price overheated leading to potential losses for buyers at the peak. The other reason was the delay in the Wraith protocol, but even the release of the anonymity feature did not help lift the price, as the January sell-off caused altcoins to enter a months-long slide.
Altcoin trading is seeing extremely low volumes and XVG was no exception, but the recent news showed that hype makes traders return suddenly on the news. This increases price volatility, as no one knows how far XVG would go before sliding again. Put into perspective, the recent spike in XVG trading volumes and prices does not seem as significant.
At this point, XVG is low-priced, but is a long way from a true recovery. The growth of 1,000 percent in a day is back in the past, and at this point, no one predicts more than $0.15 for the coin in the long term.
However, XVG is traded on Binance and has an active community, so it may be one of the assets that survives over the next few years, as it did in the past. Some of the criticisms were dismissed, and there is a belief that the Verge project may gain influence. However, other technically sound projects have been challenged in terms of market prices, so only time will tell if the news of a partnership manage to break the trend for a gradual slide.
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