Why this Fundraising Campaign Could Be a Booster for Slumbering Giant Verge (XVG)
Verge (XVG) – The crypto verse seems to amaze me with sundry of funny, humorous, strange, and amusing news which surface every moment. You could be fed with news that a currency is blowing or been hacked. At another point, you may hear of the impersonation of celebrities to garner fund by swindling users, or misplacement of footer altcoin at the trailblazer’s realm and more.
Gradually, I got used to different pieces of information as time runs out, but the recent one left me bewildered as a scam treat on of an altcoin account was followed by a similar event from the company which turns out to be legit.
Verge, an altcoin with a market cap of $657,414,40, ranked 27 at the CoinMarketCap is asking it users for donation few weeks after a hacking incident took place on its account on social media. What a mystery, 75,000,000 XVG (approximately $3 million) fund from users? After a similar fund request by hackers took place on its Twitter account, the altcoin rose to its Twitter account to request donations from users, to reveal a mysterious, “potential partnership” if the requested fund is met next week.
What does the company thinks will be the response of its users? What level of trust and commitment will they have for such information?
Weighing the previous event, with the present request, this is undoubtedly a brave and bold action from the developers.
Despite the former event and series of speculations surfacing that the fundraising might also be a scam, users of Verge displayed much enthusiasm responding greatly and positively by offering fund.
Of the 75,000,000 XVG, within the space 12hrs, over 10 million coins have been donated, while at the time of writing this article, users already shoved in 17,188, 000 XVG to the assigned wallet for donation.
What an unbelievable occurrence, if you also desire you look up the wallet for assurance or you want to donate, go straight to the dedicated donation page.
Although the fund request initially roused up skepticism and waver the mind of users, but the aftermath shows they have trust in the network and they are highly committed. This really seems astonishing, does it actually mean that users have derived much confidence in the network? Will this lead to trooping in of more users? This are questions to be answered another day.
Another surprising event that complemented the short-term fundraising campaign is that the renewed interest flaunted by the users has risen the coin by 18.74% in the last 24hrs and 52.10% in the last 7 days.
This is what actually bewildered me. Does this mean that this is a new blowing beginning for the altcoin? Does it mean that the altcoin is a sleeping giant awakened by the fundraising event?
The Fundraising Event
Although, prior to this time, the privacy-oriented digital currency has since October 2017 proclaimed that it will embark on a crowdfunding campaign.
“The Verge Team has been exceptionally active on all fronts recently. Our presence in the media has greatly increased, our development never stops and we continue to improve technology and bring innovation”.
“With this being said, we believe it is time to take Verge to the next level and we need your help to do this. Our plan is to double down on the marketing effort and let the world know about Verge and its amazing technology. To do this effectively, funding is needed and thus we appeal to you, the Verge Community, to help us by donating $XVG.” The network stated in October on its page.
Not until, 3 days ago, in a crowdfund appeal, the developers disclosed the that the event will kick start.
“In line with our mission to empower people to bring blockchain transactions into everyday life, we are thrilled to announce efforts to establish the largest cryptocurrency collaboration to hit the market, help us accelerate this crowdfunding effort and reach our target goal.”
“If our goal is met, we will be releasing the name of the company Monday, March 26, 2018,” it reads.
In the statement on the page, the reason for the fundraising was stated to be an increase in demand for several things, which includes:
- Ledger Nano hardware wallet integration and support
- Wraith protocol iOS enabled wallet applications
- Advanced Marketing tactics which span the globe
- Partnerships with large-scale companies
- Real-world adoption
Going by the fact that cryptocurrencies like Verge (XVG) is dependent on fundraising from the community to sponsor its project, one should begin to hold some certainty that the information is factual.
However, in line with my argument, XVG over the last 12 months has displayed dramatic potential by standing amongst the big gainers.