Connect with us

Altcoins

Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction

Published

on

Verge

Verge (XVG) is a well-known privacy coin that was believed to have a lot of potentials until it was discovered that its mining code contains a vulnerability that allows several types of attacks. After this discovery was made, the project was attacked multiple time, suffering at least three time-warp attacks, and even one 51% attack in 2018.

After the crypto community realized what has happened to it, the coin started losing support, as well as users. So much so, in fact, that its price dropped to barely a fraction of a cent throughout 2018, after it reached its all-time high of $0.27 in December 2017.

With that in mind, it is clear why a recent 11% surge surprised the crypto community, even after the project’s developers announced that they are considering a transition to PoS (Proof-of-Stake).

According to TradingView, the coin’s price at the time of writing is at $0.00626768, although this is once again closer to its regular levels. On March 3rd, however, the coin’s price surged to around $0.00705712.

It is unclear what caused the surge, or why the coin has dropped back down after the jump, particularly due to the fact that this was the largest change in the coin’s price since the bull run that ended on February 24th. Even then, XVG did not manage to approach this value.

The recent string of bad news regarding Verge only adds to the mystery, and even on the VergeCurrency subreddit, the coin’s community is questioning the event.

One theory is that the surge was caused by a March 1st tweet shared by Verge’s lead developer and founder, Sunerok. In a recent tweet, he supposedly accidentally shared a sign-up process that was supposed to be revealed yesterday, March 4th. The tweet was deleted afterward, with Sunerok explaining his error.

Verge suffered more than most in 2018

While 2018 was not a friendly year to cryptocurrencies, the fact is that not every coin suffered equally as much. Verge experienced both, good and bad in 2018, although its reputation may have been destroyed after the bad.

On the positive note, the project managed to partner with MindGeek, which is an adult entertainment company that owns Pornhub. However, many in the crypto community were questioning whether or not it is a good idea to associate Verge with this type of content.

However, such issues quickly became irrelevant after Verge started suffering time warp and 51% attacks, which also caused it to make numerous headlines. The project lost a huge amount of coins during the attacks, which eventually caused it to sink on the list of largest coins.

The issues also caused Pornhub to turn to TRON and Horizen, making Verge less exclusive as it previously was. For now, Verge seems to be returning to its former levels, price-wise. However, the project may soon shift towards PoS, if its developers choose to go through with their recent announcement.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of staceyjoy via Flickr

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

on

By

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Continue Reading

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

on

By

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

Continue Reading

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

on

By

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

Continue Reading

Trending