Update: We have edited this article for accuracy. The original article reflected incorrect information about a giveaway posted by what appear to be fake accounts on the original Twitter thread.
Like most other cryptocurrencies, Verge bottomed out on March 18th, both in price and volume, with a market cap of $359 million USD and a price of $0.0265 according to CoinMarketCap. It recovered most of its losses and had a market cap of $472 million and a price of $0.032, and then suddenly it spiked up to a market cap of $605 million and a price of $0.041 before descending back down to just under $0.035, and getting a bump back up to $0.037 at the time of this writing. It appears that this movement was due to an announcement of a partnership if they reach a fundraising “target goal of 75 million XVG by Monday.” At $0.035 this would be the equivalent of approximately $2.6 million USD. We released a story on a Verge whale account a couple of months ago, but that does not appear to be what’s happening here.
It appears that Verge reached out to their userbase for donations to drive volume and raise funds for the project. The founder of Verge, Justin Vendetta put out a video explaining some project goals, with a call for donations:
It appears that his call to action worked. The resulting volume turned into a price increase for XVG. These “pumps” have moved the needle for Verge in a major way. The only question is whether there’s a “dump” coming, or if they intend to keep it at this level. To answer that question, we can look at what happened the last time there was a major XVG pump in volume.
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