Verge (XVG) Rises on Fundraising News
A drive to collect XVG for development efforts created a mix of enthusiasm and skepticism.
The Verge (XVG) project is holding a short-term fundraiser, raising 10 million coins in the past day. The renewed interest in the coin potentially affected the price, as XVG rose by about 7% in the past day, to $0.036.
But the terms of the extra funding are confusing and some voices are skeptical. The fundraiser aims to collect 75 million coins over the weekend with a deadline on Monday. Afterwards, the Verge project has promised to release news regarding a business partnership.
Some believe the drive to collect funds for a reason seemingly unrelated to development is a form of a scam. However, the Verge community remains extremely active. THe 75 million XVG coins are a tiny part of the 14 billion XVG in circulation. The amount of 75 million, however, could potentially sway daily trading.
The Verge project mentioned the potential for crowdfunding in the past year. More campaigns of this type are expected. The last call for funding in October was to support the testing of atomic swaps. Now, the team has made mentions that the potential partnership would not go through without the funding of $2 million. And since some exchanges call for listing fees, one possible answer to the question is a potentially unique exchange listing.
The XVG digital asset already trades on one of the most in-demand exchanges, Binance, as well as Bittrex. However, after a lot of enthusiastic newcomers came on board with Verge at very high prices, the market crashed, hitting the reputation of the coin.
The XVG rise from sub-penny prices began when the asset was promoted by John McAfee, in the short-lived daily coin series. Since then, other promoted coins have spiked and tanked as the December altcoin market proved to be overheated.
In theory, XVG remains one of the big gainers in the past 12 months, with spectacular returns even at around 3 cents.
However, trading volumes have thinned out, and any selling has the potential to crash the price. So far, the community keeps the coins, expecting a recovery in altcoins.
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