Verge (XVG) has been on many lips lately, not least due to its incredible growth in 2017, when the price climbed 800% in a week.
A lot of people call Verge "the next bitcoin", citing lightning fast transactions with their 'Simple Payment Verification' (SPV), unparalleled transparency with their open-source platform, great security and low transaction fees. Something else that has been in the focus of attention recently is the so called 'Wraith Protocol' which, according to many, would cause a significant price increase of Verge in 2018. In short, the Wraith Protocol will allow users to choose between making public or non-public transactions. The protocol was said to be released during Q4 2017, but 2017 turned to 2018 and still no Wraith.
A MASSIVE FUD campaign (FUD = fear, uncertainty, doubt) was made by both a very big twitter users and fake screenshots were circulating on Reddit where one of the developers claimed that no one in the team had been working on XVG's development in the last 3 months. This caused people to panic sell their holdings and Verge quickly tumbled down to $0.09.
When these fake claims were exposed, the price rose again, but is still 50% of its ATH ($0.16 when I write this). Wraith was finally released on the 9th of January, which lead to a surge in the price, taking it from around 1100 Sats to almost 1500 Sats ($0.23).
Something that's peculiar is that someone bought XVG to a value of $190m during the panic, which probably doubled in just a few hours when the price stabilized again after the rumors subsided. Many argue that it was a coordinated attack against Verge to dump the price and be able to buy in really low.
You may draw your own conclusions, but I think someone with a lot of money knows that Verge has a very bright 2018 ahead.
I would like to point out that this is not an investment advice, but a heads up to follow the exciting development of Verge. Always do your own research.
The last thing I heard is that this huge purchase was most likely an exchange, purchasing stock in anticipation of a huge run on Verge.
Ah I see, makes sense
Let's hope so, rather than somebody buying in to purely speculate and mess everything up for everyone else.
Yes XVG has a great future.
XVG no longer will be seen in CENTS it will in $$ Mark my Words.
By the end of this month its starting to going towards $$.
I have also posted about XVG on my Blog @asifgoraya123
dont forget to check that out.
I agree with the FUD buy in theory. I have been following the chart every day since before Christmas, and what I can tell you is that there is a very regular pattern of price drops and then buy ins. I would even go as far as to speculate that there is a bot or bots being used to run this given the regularity, which shows that some one is not being very smart in covering their tracks. One might be able to cover their tracks with Wraith, but trade habits can give you away.
Latest article on Verge XVG from @haejin
VERGE (XVG): The Hurry Up & Wait Syndrome
https://steemit.com/money/@haejin/verge-xvg-the-hurry-up-and-wait-syndrome
@triverse, I think this is something you might be interested in.