Verge (XVG) Pumps (and Dumps) on Bithumb Listing

Justine Pope

Even though the cryptocurrency markets are still in a bearish trend, some altcoins have been seeing upwards price movement. As bitcoin’s USD price has stabilized over the past week, some analysts are suggesting that altcoins could start seeing some much-needed price action. One example is Verge (XVG).

Originally called DogeCoinDark, XVG was recently awarded listing on Bithumb. Bithumb is the third largest exchange by volume, racking up 415,000 BTC (or approximately $1.6 billion) in 24-hour trading volume. This listing is the only market for XVG/KRW, meaning that users of the South Korean exchange Bithumb will be able to buy XVG with their KRW for the first time. Verge is already listed on Bitfinex, Binance, and Bittrex, but this Bithumb listing gives even more people access to XVG.

Bithumb tweeted about the Verge listing at 6:05 PM on November 28, 2018:

Data from CryptoCompare shows that this listing has given Verge a turbulent week.  Before the announcement, XVG’s price was consolidating around $0.006. The price started climbing up, and once the listing was live, jumped all the way up to $0.010, for a gain of 67%. The hype quickly died off, and after a small double top, the price tumbled down to $0.0073, for a drawdown of 27%.

hour_CryptoCompare_Index_XVG_USD_337_11543583205413.pngFrom: CryptoCompare

Like most cryptocurrencies, 2018 has not been fun for Verge. Before the 2017 bull run, XVG’s price was consistently around $0.007, until its privacy features started gaining attention in cryptocurrency circles. Then, infamous cryptocurrency promoter John McAfee started tweeting about XVG, and Verge began its rapid ascent in price.

XVG saw an enormous surge all the way up to $0.24, but since the bear market started, it’s crashed all the way back down to its 2017 levels around $0.007. Despite this, Verge has kept its footing and remains the 46th largest cryptocurrency by market cap, with a valuation of $112.5 million.

day_CryptoCompare_Index_XVG_USD_366_11543583698403.pngFrom: CryptoCompare