In an unsurprising turn of events, the Verge price has taken a massive tumble over the past 24 hours. Even though we finally know details regarding the partnership the XVG team has been hinting at, but it seems this news will not make any positive impact as of right now. As a result of this new partnership, the Verge price has lost 31.7% of its value, and this may only be the beginning of what is yet to come.
The Verge Price Stumble Isn’t Surprising
While one has to commend the Verge team for striking a partnership with Pornhub and all of its partner websites, the use of cryptocurrency in the adult entertainment industry has always been questionable. This is not because people don’t see the benefit of using cryptocurrency over traditional payment methods, but mainly because fewer people effectively pay money to access adult content on the internet. The subscription numbers for adult websites are not necessarily declining, but it remains doubtful currencies such as Verge will make an impact in this regard.
So far, it seems a lot of Verge price speculators are not too impressed by this development whatsoever. As is the case when big things like these are announced, there is a very real price people will effectively dump their currency on the open market. In the case of the Verge price, this has resulted in a 31.7% value decline, and it may not necessarily be the bottom just yet. Buy the hype and sell the news is an unwritten rule in cryptocurrency, after all.
It is interesting to note how the Verge price is not just bleeding USD value right now. Instead, it’s also getting dumped hard in favor of Bitcoin, resulting in a 31.63% decline in the XVG/BTC ratio. This further confirms people are exciting Verge for some unknown reason and flocking to cryptocurrencies which have a lot more “clout”, so to speak. That doesn’t mean the Pornhub partnership won’t be successful, though.
With $1.154.8bn in 24-hour trading volume, there is a genuine demand to buy and sell XVG as of right now. This may be the highest trading volume this altcoin has seen to date, even though it is evident the bears are in full control of the Verge price right now.Depending on how things evolve in the coming hours, we may see the Verge price drop by another 10% or more rather easily.
No one will be surprised to learn the Verge trading volume mainly originates from the Binance and Bittrex exchanges. Upbit is also in the top three, but there are no fiat currency pairs in the top five for XVG as of right now. There is no fresh capital entering the Verge market as of right now, which can lead to even more price losses in the coming hours.
For the time being, a lot of people will keep a close eye on the Verge price. To some, this is an excellent opportunity to scoop up some cheap XVG, although betting on a rebound may not necessarily be the best idea given the current sentiment. Verge is not losing value because of Bitcoin doing funny things, but mainly because holders are dumping their coins on the exchanges. The bleeding will stop eventually, though, but for now, the downtrend will remain in place.
