Verge, a privacy-based crypto coin which has been around since 2014, experienced a sudden, unexpected surge in early July 2023.
XVG, which had been performing pretty poorly for the previous 18 months or so, exploded out of nowhere.
Its daily trading volume went from $6.99 million on 1 July to just under $500 million on 3 July, when it rose by almost 150%.
But what is Verge (XVG)? How does Verge work? Let’s see what we can find out, and also take a look at some of the Verge Price Predictions that were being made as of 4 July 2023.
One of the key concepts behind the blockchain and cryptocurrency is that it is supposed to be private.
However, there have been some concerns about people having their details and those of their transactions revealed on the blockchain, leaving some crypto enthusiasts searching for a coin or token that offers them real anonymity.
Verge is a platform that promises people privacy. Created as a hard fork, or spin-off, of the Dogecoin (DOGE) blockchain, it was founded in 2014 by crypto entrepreneur Justin Valo and rebranded to Verge in 2016.
Verge is supported by its native, eponymous coin, which goes by the ticker handle XVG.
Verge uses technology to blur people’s online locations and IP addresses, which should, in theory, stop them from being identified by people who want to know who is buying which crypto at any time.
The system also features Atomic Swaps, which allow people to exchange crypto tokens across different blockchains and, it is hoped, prevent the need for centralized exchanges.
The Verge blockchain uses a Proof-of-Work consensus mechanism, which sees people solve increasingly complex mathematical equations in order to verify transactions and add blocks to the blockchain. In return for doing so, they are paid in XVG.
XVG is also used to pay for transactions on Verge and it can be bought, sold, and traded on exchanges.
Let’s now take a look at some of the highlights and lowlights of the Verge price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Verge price prediction.
In October 2014 Verge first came onto the open market, as DogeCoinDark, it was worth about $0.000007. By late 2017, it was the Verge coin. At this time, the market entered a bubble and XVG reached an all-time high of $0.3006 on 23 December that year.
The coin’s price dropped in 2018, and it dropped below the cent later in the year, spending much of the so-called crypto winter below that level.
Things picked up again in early 2021, as the market bloomed. XVG got in on the action, rising above the cent in January and reaching a high of $0.06 in early May. The market then dropped, and Verge closed the year at $0.01705.
2022 was not a good year for crypto or for XVG, which lost nearly 85% of its value over the 12 months. It dropped below the cent in April and a succession of market crashes left it devastated, with it closing the year at $0.00266.
Initially, 2023 looked rather average for Verge. It peaked at over $0.0035 in early February, but then meandered back downwards. XVG reached a low of $0.00141 on 16 June as the market struggled in the wake of the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase.
In late June, it picked up, reaching a high of $0.003662 on 28 June. On 3 July it really kicked off, moving up nearly 150% from a low of $0.003893 to a high of $0.009659. On 4 July, it settled down and was worth about $0.0065.
At that time, there were 16.5 billion XVG in circulation, representing the total supply. This gave the coin a market cap of about $109 million, making it the 191st-largest crypto by that metric.
Verge has shocked the world – or at least the part of the world that is interested in long-standing, relatively obscure, cryptocurrencies – in early July. It went up by more than double in the course of hours on 3 July. Although it then fell by around 33% the following day, it was still higher than it had been in more than a year.
Not only that, but it was worth more than 360% its price on 16 June, and was up by more than treble the $0.001942 it traded at before the SEC said it was suing Binance on 5 June.
With that all out of the way, let’s take a look at some of the Verge price predictions that were being made as of 4 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.
Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
CoinCodex made a short-term Verge price prediction that said things could start to return to normal for XVG pretty soon, with it dropping to $0.005238 by 9 July and continuing to cool off to reach $0.00494 by 4 August. The site’s technical analysis was neutral, with 23 indicators making bullish signals and 10 sending bearish ones.
In terms of other Verge price predictions for 2023, CaptainAltCoin said that the coin would struggle, reaching $0.0026 in September and $0.0033 in December. PricePrediction.net was also bearish in the shorter-term, saying it would reach $0.003 this year. DigitalCoinPrice , on the other hand, thought it could maintain its momentum and trade at $0.0137 by the end of 2023.
When it came to making a Verge price prediction for 2025, DigitalCoinPrice thought it would reach $0.0232 that year, while CaptainAltCoin had it at $0.0085. PricePrediction.net was more cautious, saying it would trade at $0.006 in two years time.
Looking forward to a more long-term Verge price prediction for 2030, PricePrediction.net was optimistic, saying it would come in at $0.038, while DigitalCoinPrice was even more bullish, claiming it would trade at $0.0679.
On the other hand, CaptainAltCoin’s XVG price prediction saw only disaster, with the crypto trading at $0 at the start of the next decade, having become a de facto dead coin by July 2028.
It is hard to say. The reemergence of XVG in recent days is rather puzzling. While the market has been moving up recently, it is hard to say what it is that has made Verge explode over the last two days or so.
Keep in mind that it is not uncommon for obscure cryptos to spike over a day or so, only to return to a lower level soon after.
On the other hand, the coin now has a chance to show the broader world of crypto just what it can do, meaning there is the potential for further growth,
A possible fly in the ointment could be that Verge’s focus on privacy could see it attracted the unwanted attention of regulators, which would be bad news for the XVG price.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in XVG.
No one can really tell right now. While the longer-term Verge crypto price predictions are, with the exception of CaptainAltCoin, largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Verge, you will have to do your own research, not only on XVG, but on other, related, coins and tokens such as Monero (XMR).
Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On 4 July 2023, there were 16.5 billion XVG in circulation, representing the total supply.
It might do. DigitalCoinPrice says it will break past the cent this year, while PricePrediction.net thinks it could happen in 2027 or, possibly, as soon as 2026.
Keep in mind that Verge has been worth more than a cent before, most recently in April 2022.
The XVG coin is used to reward miners in the Verge blockchain, and it can also be bought, sold, and traded on exchanges.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.