The beauty of the blockchain is that it contains a general ledger of all transactions that have ever occurred. Armed with a bit of tech savvy and a block explorer, everyone has the ability to follow the movement of funds from start to finish. While user data is more or less anonymized by way of encoded wallet IDs, you can trace funds to and from every wallet in existence. This may change with the new privacy coins that people are raging about, like Verge (XVG). This coin is rumored to be the most private coin ever, with its new Wraith Protocol expected to be released some time in the next 3 days. Many people are banking on this event as the catalyst for Verge to moon way past its current value of around $0.116. There have been tweets and other conversations on social media that have caused the price to skyrocket, as well as tweets that may have resulted in millions of dollars in sell-offs. But we’ve found something even bigger than that, and you’re going to want to read what follows.

What if one person, or group of people, had the ability to manipulate the market to such an extent that they could decide the price of Verge at any point in time? With the Wraith Protocol about to go live, such a person has much to gain if they are able to manipulate the market cap of Verge, so that it comes from out of nowhere to become the 20th highest traded cryptocurrency in the world. Such movement would create a tremendous amount of interest. So much so that if done correctly, it could move the value of XVG from 1 cent per coin to almost 29 cents per coin in the span of two weeks. Yes, that happened.

Verge (XVG) Market Cap SOURCE: CoinMarketCap

How the Market Cap of Verge May Have Been Manipulated

It just so happens that with a little research, we can identify a potential culprit. Using the Verge blockchain explorer website,, we are able to drill down to the top 100 list of Verge wallets in existence.

Verge (XVG) Top 25 Wallets SOURCE:

The above chart tells us the following:

  • 52% of all XVG in existence — more than half of the total market cap is controlled by 25 wallets. We do not know whether these 25 wallets are controlled by separate entities, or whether multiple wallets are controlled by the same person.
  • At the time this article was written, the largest wallet (DQkwDpRYUyNNnoEZDf5Cb3QVazh4FuPRs9) contained 2,221,427,486 XVG coins. In November, at half a cent per XVG, that would have been worth about $11 million. At its peak of around $0.286 on December 23, such a volume would have been worth $635 million. Today, this wallet is worth about $258 million.

Now, the question is, how likely is it that such a scenario took place? Let’s look at the transaction history for this large wallet, using a recent sample of data, thanks to the blockchain explorer.

Verge (XVG) Buy/Sell Over 2.5 Hours SOURCE:

The rows in pink are sale orders, and the rows in green are buys. We see a few things happening:

  • In the amount of time it took to write the beginning of this article, the whale’s wallet has grown from 2.221 billion XVG to 2.225 billion XVG, an increase of 3 million coins, or $350,000
  • The whale is inflating the market cap for XVG. In the span of 2.5 hours, this account has sold 3.5 million XVG, and purchased 15.2 million XVG. In other words, they’re creating volume, while acquiring a substantial amount of coin
  • Using, another blockchain explorer, we can get more details on the dollar amounts associated with each transaction, and they are quite large.

What Happens Next?

It’s hard to say what will happen next. Keep in mind that I am not a financial advisor. This is not financial advice, and I do hold Verge cryptocurrency as do other members of the Cryptosumer team. We are all vested in the outcome of this possible market manipulation. Here’s what I think may happen…

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  1. worthless article , if you did some proper research you would have known that the wallet you are mentioning is a exchange wallet.

    • We thought about that and are investigating the possibility. We have reached out to a major exchange and still have not heard back from them. If and when we do, we will be posting an updated article, however, it should be noted that the chance of it being a whale is still there.

  2. So pretty much there is now a whale (or group) that can artifically drive the price up, attract new investors, dump the price, new investors panic sell to them (or they will use the stoplimit trick) for much less..rinse and repeat. Unlimited goldmine. Not to mention each time you do this cycle the market cap for Verge raises. Smart but still a fraud.

  3. Aa always investing in cryptocurrency is a risk. If you follow some common sense rules you can turn it into a calculated risk.
    1. Do your homework. Research the coin your about to invest in. With tons of info available on the Web like cryptosumer, coincheckup, etc you can come to an educated game plan.
    2. Don’t put all your eggs into one basket. A diversified portfolio is key in investing.
    3. Don’t allow emotions into your decision making process. Remember panic stands for Person Absolutely Not In Control.
    4. Don’t over extend. Never invest more then you can stand to lose. DON’T USE YOUR RENT MONEY.

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