Verge Price Collapse, But Monero Coin Soars

A Verge price collapse has stunned investors as the coin made substantial price swings in the last 24 hours: Verge coin price rose from $0.082 at the beginning of Tuesday trade to intraday high of $0.112 before collapsing back to this month low of $0.07 at the end of the day. Its price extending the downtrend into Wednesday trading, the XVG coin is down 27% in the last twenty-four hours.

Verge Price Collapse

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Verge price soared sharply after its announcement of the partnership with Pornhub – the biggest website in the porn industry. Pornhub will now allow its subscribers to use XVG cryptocurrency as a mode of payment.

Verge’s blockchain technology permits businesses and individuals to make quick transactions while maintaining their privacy. Its privacy feature significantly attracts investors, as its Wraith Protocol guarantees privacy during transactions.

Pornhub Vice President Corey Price claimed, “The partnership between Verge and Pornhub is not only thrilling news for us and the adult entertainment industry, but it’s also exciting for the crypto space”.

The Verge price collapse, however, started after the coin hit $0.112 in intraday trading. The coin lost its momentum amid trader’s strategy to capitalize on the rally. The instant increase in its price allowed investors to implement “sell the news” trade strategy.

Despite a Verge Price Collapse, Monero Price Soars

Verge Price Collapse

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Monero price (MON) hit one month high of $227, up 14% today, extending the seven-day rally to 36%. Although no fundamental news supports the latest uptrend other than its inclusion to CoinEx cryptocurrency exchange, crypto investors believe that the partnership between Verge and PornHub opens the path for Monero to expand its penetration in the porn industry.

Cybercriminals and dark web users mostly use Monero coin due to its privacy feature. Some analysts are of the opinion that positive trends on its technical price charts and moving averages support the uptrend. MON coin currently trades at around $227 – with the market capitalization of $3.6 billion.  

Featured Image: Twitter