Verge token has been a mixed bag recently. While the anticipation of a new mysterious partnership hyped its price up to near ATH levels, generally bad management and negative PR never let it go up quite as much as it perhaps could. The situation culminated mid-April when fears of Verge devs exit scamming started popping up all over the internet. The price plummeted down to below 700 satoshi and has since lingered around 800, way lower than 1400 it reached while riding the partnership hype train.
A much maligned coin indeed, with many people from the industry denouncing it or outright mocking it, Verge did manage to stay afloat somehow. It has been appearing in some barely encouraging news lately, with the long-awaited “partnership” (which turned out to be a payment deal with Pornhub) starting to gain traction. Also a similar partnership has been announced with MindGeek. While there are rumors that the previously mentioned exit scam was actually Verge team moving funds to pay these websites to use XVG as a payment option, it’s still early to tell if there is any truth to that.
The Verge community has remained mostly boastful in face of all this FUD, refusing to accept some pretty obvious red flags about the coin. So in light of such mixed bag of emotions about Verge, a recent announcement was made on their official Twitter, informing us that a halving event is about to grace this cryptocurrency on May 9th.
The Halving approaches! $XVG #vergefam pic.twitter.com/MWh7l3uQlc
— vergecurrency (@vergecurrency) May 2, 2018
The halving is an event where coin’s mining rewards are halved, meaning that miners will mint half the previous amount of Verge with each new block added to the Verge blockchain. The Verge halving is going to happen on the block 2124000 and is supposed to bring some good news to XVG holders.
Will the news actually be good?
Halving events usually have a positive effect on a coin’s price. Every time the mining rewards are halved, the amount of new coins that are being produced drops. This will reduce the token supply, as miners will have fewer tokens to sell in the future, resulting in an increase in price if the demand stays the same. Sometimes the demand picks up as well, as a result of speculation and expectation of higher prices upon the halving.
In reality, this news alone probably won’t bring the price up that much. Mostly because of the fact that almost 90% of the Verge coins has already been mined out. Some of it was mined out in one of the biggest crypto bloopers ever, when Verge suffered a 51% attack and its developers accidentally hard-forked their chain while trying to regain control. Therefore, the halving will reduce the supply only slightly, which probably won’t result in a massive price spike. Still, if combined with some positive news, like the ones about Bitfinex accepting Verge or the ones about Verge mining pools becoming larger, it could signal a recovery is on the way. Ultimately the coin is currently plagued by some very nasty red flags and with many other altcoins looking much healthier, it would be wise to invest your money somewhere else.
