The Verge (XVG) token has surprisingly risen dramatically and its price has increased by nearly 300 percent. This increase attracted the attention of investors and traders who closely follow altcoin movements. Although the price has retraced slightly from its June 3 peak, it is still an impressive 295% higher than it was a week ago. Here are the details…
Why is altcoin rising?
Earlier this year, The Verge faced a significant setback, taking a dramatic fall, leading many to believe that cryptocurrency is on the verge of extinction. However, as the current bull trend started to emerge in mid-June, the tides began to turn and breathed new life into The Verge, giving it a fighting chance. While Verge investors and traders are excited about the current bullish case for the token, many crypto enthusiasts remain skeptical about the reasons behind this sudden bullish move. There are question marks as to why The Verge is experiencing such a remarkable rise.
One notable indicator of Verge’s rise is the significant increase in trading volume. On June 4, trading volume increased by a staggering 380%, reaching a record $507 million. At the time of this writing, trading volume has dropped slightly to $480 million, but still indicates a high level of trading activity. This increase in volume has prompted speculation about possible market manipulation by seasoned crypto traders, often known as crypto whales. There are concerns that these whales may be strategically liquidating key XVG holdings for profit. It is very important for investors to be careful when trading cryptocurrencies due to their inherent volatility.
Part of a larger uptrend
The increase in Verge’s price is not an isolated event, but is part of a larger trend in the cryptocurrency market. Well-established cryptocurrencies like Litecoin (LTC), Verge (XVG), and Bitcoin Cash (BCH) are experiencing a resurgence that has overshadowed the hype around meme-coins. This “dino coin renaissance,” as experts call it, marks the return of these veteran crypto assets. Some altcoins are witnessing increases driven by fundamental factors, while others are driven primarily by speculative interest.
As a result, Verge (XVG), known for its privacy-centric features, has managed to build a solid foundation since its inception in 2014. Despite the recent bear market that caused the price of XVG to drop over 97% from its all-time high, the cryptocurrency has shown remarkable resilience. In fact, the price of XVG has witnessed a staggering 259,162% increase since its all-time low more than eight years ago. Also, today The Verge (XVG) had a market cap of approximately $101 million. According to some, this points to the potential for more upside movements in the coming weeks.
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