There is a very strange phenomenon happening in the crypto market right now, and it’s all about our favorite shitcoin: Verge (XVG). We have been pretty critical of this particular cryptocurrency in the past on this blog, but everything we said was certainly well-deserved.
And, given all the shady things that we’ve recently learned about this coin, what’s happening right now seems much stranger.
Verge (XVG), a scandal-ridden cryptocurrency, is trading really well
While the crypto market as a whole, led by Bitcoin (BTC) and Ethereum (ETH), has been on a pretty steady downward trend (full of short-lived upswing) for the past several weeks, Verge (XVG) has had several good trading days lately. At the time of writing, it is up about 9% from its price a day ago.
This coin has risen by more than 80 percent over the last 30 days, which really shouldn’t be happening given the fact that this cryptocurrency is a verified scam coin at this point.
Yes, Verge (XVG) is undoubtedly a shitcoin
First of all, this coin isn’t 100% original – and it doesn’t really solve any problem that blockchain technology wasn’t taking care of before it came around. Its Wraith protocol basically ended up being a stealth address where transactions could pretty easily be traced back to users using whatever info is available on the public ledger.
Anyway, recently this coin held a crowdfund to raise money in order to basically keep the project afloat – and at the end of the crowdfund, the “biggest partnership announcement in crypto history” will be made. Say what you want about this being a currency that didn’t have a pre-mine or ICO, that the founders didn’t set aside any tokens for themselves – but they certainly got rich with whatever tiny coin stacks they bought on the open market after launch.
The founder of Verge (XVG) actually went on Coinbase forums and publicly was complaining about how he couldn’t withdraw – mentioning how taxes are due.
Then, a mysterious partnership is suddenly dangled in front of us as long as we just give up some coins for free? Oh, and also the date for this partnership reveal is April 17th, which is tax day in the US. I know it seems far-fetched, but he might just be really sloppy.
This is all going on, and Verge (XVG) is still 9% higher right now.
What gives? When will the market digest that this is a shitcoin and we will finally see its value plummet – which is what it deserves for misleading its investors.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.