The price of #Verge (XVG), a coin that has been dormant for a long time, has gained 360 percent in value in the last 7 days. Why did #XVG coin rise and what danger does it pose for its investors? Let's look at the details.
Important warning about Verge (XVG), whose price increased by 360%!
The price of Verge (XVG), one of the altcoins that has been dormant for a while, made a huge rally of 100 percent in the last 24 hours and 360 percent in the last week. We see this in the XVG/USD parity chart below. Verge price, which had a mini rise at the end of June, declined from here and tested the 50 SMA line as support.
After this support test, XVG price made a new remarkable rally yesterday. Verge price, which reached as high as $0.009366, is now correcting slightly. However, it still maintains a significant portion of the gains from its recent rally.
Why did Verge (XVG) price rise so much?
The main reason for the increase in the price of Verge (XVG) is an announcement made by Binance. Binance had previously announced that it would delist some altcoins. Now, he announced that he has given up his decision to delist some altcoins for the European region. Among these altcoins, there is also XVG. Upon this news, the price of the altcoin recorded a huge increase, as seen in the chart.
However, investors should be careful with XVG. The foundations of this project are still being questioned. It was known as one of the coins with dead movements recently. The current rise may be a manipulation by the whales and a pump/dump event. Additionally, the sustainability of the rise is also questioned. Therefore, despite the huge 360 percent rally in the last week, investors should be careful.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.