Privacy-centric Verge (XVG) is preparing to conduct a hard fork that would change the way its halving is structured. As the amount of XVG that can be mined over time is limited, its price could be significantly impacted.
Verge coin is a cryptocurrency that strives to make blockchain transactions anonymous and untraceable. Its native token is known as XVG. Verge’s core team have signed its black paper with their usernames only. Verge launched in 2014, as DogeCoinDark.
The current circulating supply of XVG is at 16,057,283,589 tokens nearing the total supply of 16,555,000,000. As a result, the new difficulty adjustment would give the Verge team around “four more years” to add utility to the token and make strategic decisions.
Verge is currently ranked #72 by market cap, and it is down by 4.87% over the past 24 hours. XVG has a market cap of $72.71M with a 24 hour volume of $4.24M.
The firm behind the coin announced that a hardfork would take place on block 3,700,000, around mid-December. The idea behind it is to add seven new halvings to the network.
Over the last week, Verge saw its price surge over 50 percent from a low of $0.0036 on Nov. 12 to a high of $0.0055 on Nov. 15. Based on the 1-day chart, the 150-day moving average served as a strong level of resistance preventing XVG from going higher. Since then, this crypto pulled back over 18 percent and is now trading around the 38.2 percent Fibonacci retracement level.
Under the current distribution schedule, all Verge tokens would have been exhausted at block 4,248,000. Therefore, XVG would have hit its maximum supply sometime in May 2020. The problem with that is that miners would make nothing but transaction fees.