Verge (XVG) Continues to Surge after Massive Dip Earlier in the Week
A popular cryptocurrency backed by John McAfee, for what it is worth, is surging after dropping nearly 30%. Verge, trading as XVG, is reversing last week’s trend to going back as a legitimate digital currency contender. At $3B, the coin is in 16th place in terms of market cap for all digital currency and is poised to grow at a rapid pace in 2018. Verge prides itself on being a secure and more importantly, anonymous cryptocurrency built with privacy in mind.
A very appealing item on their website is the road map in which Verge displays previous significant milestones along the way. This shows that any investor in the coin can clearly see the steps being taken to improve on the value of the coin and assure them there is a driver at the wheel of strategic business decisions. Furthermore the community of developers allows for a sustained level of security as any potential threats to the network of cryptocurrency in the near and distant future will undoubtedly be prevented or at a minimum deterred from further harm with a team of programmers standing by.
A drawback is that John McAfee is financially backing the coin and continues to draw publicity with outrageous comments. A text in mid-December from McAfee to a reporter stated that he saw the coin at $15 by June 2018. Naturally, the market reacted and drove the price up 50% almost overnight without him even elaborating on why he felt that way. Although McAfee is not saying that the coin is going to perform poorly, this enormous power entrusted in him from a loyal fanbase could artificially prop the value of the coin far higher than her actual worth. I have about 10% of my portfolio in XVG because of the potential and the absolute tear the coin had last year. Verge is the poor man’s Monero in terms of price and if she is able to withstand the doubts from investors regarding an eccentric benefactor as their chief advisor, XVG will have extreme potential this year. I can only assum that this is McAfee’s retirement project after his years as a developer and after amassing and subsequently losing $100M in net worth.