- The project was deemed dead for a long time.
- It has a history of on-chain attacks.
- It used to have a big following which is probably the reason why it is targeted by whales for this pump and dump
- It could go higher than this but if you are not already in, the risk-reward ratio of entering right now is too unfavorable so better stay out.
The cryptocurrency market is known for its volatility, with prices that can skyrocket or plummet in a matter of hours. One such example is Verge (XVG), a privacy-focused cryptocurrency that has seen a significant increase in its price recently. But is this sudden surge a sign of a healthy market or a manipulation by old whales looking to dump their bags?
As of today, the price of Verge (XVG) is $0.00678726, representing a 117.63% price increase in the last 24 hours and a 318.40% price increase in the past 7 days. The trading volume of Verge (XVG) is $231,207,613 in the last 24 hours, representing a 578.00% increase from one day ago. This recent rise in market activity has pushed the market capitalization of Verge (XVG) to $105,928,135, ranking it #241 on CoinGecko.
Despite these impressive numbers, some critics have raised concerns about the sustainability of this growth. Verge has had its share of controversies in the past, including suffering a 51% attack that led to a massive 560,000+ block reorganization. Some critics even claim that Verge’s enthusiastic and committed community is the only reason it has survived, but there’s a reason that fans gather around this unique altcoin.
Whales are known for their ability to influence the market significantly due to the substantial amount of capital they control. In some instances, they have been known to target projects that once boasted large, active communities. The strategy behind this is simple yet effective: reignite the dormant hopes of these communities, leading to increased trading activity and, consequently, a surge in price.
In the case of Verge, it’s plausible to suggest that this might be what’s happening. Once a thriving project with a robust community, Verge has seen a decline in active development, leading some to label it a ‘dead project’. Despite this, the coin has managed to maintain a loyal following, making it a potential target for whales looking to manipulate the market.
The recent surge in Verge’s price is reminiscent of its awakening in May 2021, when it broke the major bear market down-trendline with a whopping 200% growth in just two weeks. This growth was supported by the highest volume since 2021. Interestingly, Verge hit its bottom on June 10, 2023, and has been on a steady rise since then.
While it’s true that the bulls seem to be in control of the Cryptocurrency market as a whole, it’s essential to approach such sudden growth with caution. The current surge could be a result of market manipulation by old whales who want to dump their bags, taking advantage of the increased trading volume and price.
In conclusion, while the recent surge in Verge’s price might seem promising, investors should approach it with caution. The cryptocurrency market is volatile, and what goes up can come down just as quickly. As always, patience is key, and it’s essential to do thorough research before making any investment decisions.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com