Recently, Binance announced a new altcoin that it will launch with up to 20x leverage.
Binance broke the good news for multiple altcoins
The leading exchange announced today that it will also support the WOO Network and Polygon networks. The latest development features new margin pairs of the privacy-focused cryptocurrency XVG. According to the official announcement, Binance will list a new futures pair for XVG. From July 5th, XVG will be available to high-risk users of Binance.
From this date, users will be able to buy XVG positions with up to 20x leverage on Binance. The leverage announcement is followed by a double-digit rise in XVG price…
XVG price rises over 15%
cryptocoin.comAs you follow, XVG price has been moving upwards for the last 3 days. Binance climbed 16.5% to $0.009659 on Tuesday when the announcement came out. The rally continues so far and the XVG price has not experienced a major correction.
Will the XVG rally continue?
Despite the impressive rise, some critics have expressed concerns about the sustainability of this growth. The Verge has suffered from controversy in the past, including a 51% attack that resulted in more than 560,000 block reorganizations. Some critics even argue that the only reason The Verge has survived is its enthusiastic and determined community. But there is a reason why investors are rallying around this unique altcoin.
Whales are known for their ability to significantly influence the market due to the substantial amount of capital they control. In some cases, they have been known to target projects that once boasted large, active communities. For example, in recent developments, DYDX and GRT prices have decreased by more than 5%, regardless of the market overall, accompanied by whale sales.
As far as The Verge is concerned, it’s reasonable to suggest that this might be what happened. Verge, once a thriving project with a robust community, has seen a decline in active development. This has led some to label it a “dead project” for this reason. Despite this, the coin has managed to maintain a loyal following. This makes it a potential target for whales looking to manipulate the market.
The Verge’s recent rise in price is reminiscent of its May 2021 awakening
Recent growth was supported by the highest volume since 2021. Interestingly, The Verge bottomed out on June 10, 2023. It has been on a steady rise since then. While it is true that the bulls are in control of the crypto market as a whole, it is important to approach this type of sudden growth with caution. The current volatility may be the result of market manipulation by ex-whales who want to throw their bags taking advantage of the increased trading volume and price.
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