Connect with us

Blogs

Verge (XVG) Oversold and Due For A Strong Rebound

Published

on

XVG

The price of Verge (XVG) at the time of writing on 15th March 2018 in Coinmarketcap.com shows $0.029 USD. From yesterday there has been a drop of 20.42% in the price of Verge. The market cap on 14th March showed approximately $531 million. Today, at the time of writing the market cap shows approximately $428 million USD.

Historical data of the crypto coin from Coinmarketcap.com as seen from the screenshot below shows a gradual drop in market cap of XVG. On 2nd March the market cap had increased from $786 million (1st March) to $863 million. The market cap of Verge (XVG) then showed ‘usual’ fluctuation till 6th of March 2018. After that, the market cap showed a gradual fall, from $803 million on 6th March to $565 million on 9th March. The price continued to drop and finally, the market cap at the time of writing shows $428 million.

Image courtesy of coinmarketcap.com

The Reasons for Continuous Drop in Price of XVG

In the previous article, we have already seen how the failure of Wraith Protocol has caused the price of the privacy-oriented cryptocurrency to drop. The fact that Merkle had listed XVG in the 5th position of the “Top 5 Crypto Fails of 2018” on 9th March 2018 also contributed to the drop in market cap.

A major reason for the drop in price from 12th March to 15th March 2018 is that the Twitter account of Verge had been hacked on Tuesday (13th March). The private details of the developer had become public due to the hack. Twitter account hijackings are quite uncommon compared to the number of hack issues of cryptocurrency exchange heard in 2017. In the crypto space prior to Verge, the Twitter account of little known Etherdelta was hacked. Verge had blamed AT&T as soon as they had regained the Twitter account. The company said that the AT&T network had allowed SIM swap. The screenshot given below shows the tweet Verge made after it had regained the account.

After the hack, the compromised Verge Twitter account had posted the following message:

The claim by the hackers that they had stolen XVG worth $1 billion was declared false by the cryptocurrency after it had reclaimed the account. The hackers had also asked the followers of Verge to donate XVG to a fraud address in order to receive double the amount originally invested. This is a new “scam tactic” that is being used by the hackers in the blockchain arena over the last two months. According to the Verge blockchain explorer, the hackers had received nearly 195 XVG (approximately $7) after they had tweeted about the ‘donations’.

The Target of the Twitter Hack

It seems that the main target of the hack of the Twitter account was Justin Vendetta, the lead developer of Verge. In fact, the personal account of the said developer had also been compromised and his photo ID had been leaked out. According to Verge, the hackers had tricked AT&T customer support representatives to transfer the phone number linked with Justin Vendetta’s personal Twitter account to a new SIM card.

Closing Thoughts

While the cyber attack on the Verge Twitter account could not have possibly compromised the Verge blockchain, the hack has contributed to the negative sentiment that has been going on for the past few days. After all, Verge claims to be a privacy-oriented crypto coin and on the other hand, the lead developer’s personal Twitter account was also hacked. Verge should learn from this incident and improve their security features and concentrate on being a truly ‘privacy-oriented’ cryptocurrency. Hopefully, the price movement of Verge (XVG) will overcome this negative and show a ‘stable’ uptrend.

We will be updating our subscribers as soon as we know more. For the latest on XVG, sign up below!

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 Sancho McCann via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release