Verge - Can You Take Advantage of its Slide?

Verge has been receiving a lot of praise over the last 12 months thanks to its exponential growth that has far outstripped other cryptocurrencies on the market. Starting off from a value of merely $0.00002, it had climbed to a high of around $0.3. To put it into other terms, that is a 1.5 million increase in value over 12 months.

However, all is perhaps not quite as it seems for this digital currency with growing concern that it may not be capable of coping with the increase in its popularity.

Looking closely at the market, we see that in the last few days that Verge has been in somewhat of a freefall with its value. At the time of writing, it has dropped from the high of $0.3 a matter of weeks ago to around $0.16 as of right now. For some, this is due to there being a series of dark clouds surrounding the currency with there being concerns regarding the ability of the technology connected to the cryptocurrency.

Also, there is the belief that the digital currency is virtually the sole project of a single developer, and there are additional fears that they may not be too concerned about the true development of the currency even though this has not been proven in any way.

What this drop in its value may also show is that it is important to not be drawn into various cryptocurrencies being promoted by individuals and you should rather pay close attention to the general market before investing. Just because McAfee mentioned it in a Tweet does not then automatically mean that it is something you should dive into. In fact, what is happening to the value of Verge mirrors another cryptocurrency that McAfee promoted.

With that, DigiByte saw a sudden increase in its market value which was quickly followed by the value crashing some 20% within a day as people sought to pump and dump the currency. Also, there is a belief held by some that a number of bots are designed to pick up on promotions such as these to then take advantage over a short-term before investors wake up to what is going on.

So, can you take advantage of this slide with Verge? Well, the question should actually be along the lines as to whether you should even bother to do so. It is clear that this market is too volatile, and you would be unable to make a quick profit that would be worth your while as this currency has to steady itself over a period of time before you should consider investing.

Overall, you should certainly keep Verge on your radar, but hold-fire on investing at this moment in time as it would be more likely that you would need to be prepared to play the long game to justify your investment.