July 4, 2023 at 14:47 GMTModified date: August 9, 2023 at 10:15 GMT
July 4, 2023 at 14:47 GMT

Verge: What’s behind XVG’s weekly rise of 284%?

In just a week, Verge ($XVG) has soared by a staggering 284%. Its current price stands at $0.006297, while trading volume has reached $303m at time of writing.

Verge: What’s behind XVG’s weekly rise of 284%?

In just one week, Verge ($XVG) has soared by a staggering 284%. Its current trading price stands at $0.006297, and trading volume has reached $303million at the time of writing.

XVG weekly chart. Source: CoinMarketCap

The three-digit percentage gain accrued in the last seven days makes it the 11th highest gainer in the same period on CoinMarketCap’s list.

XVG’s gains have sparked curiosity and raised questions regarding the catalyst behind its surge, particularly during these turbulent times in the market.

Before exploring the possible reason, it is important to understand the coin’s rich history.

In 2014, the privacy-focused cryptocurrency emerged under the name ‘DogeCoinDark’, gaining attention as a promising advancement over the Bitcoin blockchain. Seeking to establish its unique identity, the currency underwent a rebranding process in 2016 and adopted the name ‘Verge’, effectively setting itself apart from Dogecoin.

Verge offers a host of additional privacy features that set it apart from other cryptocurrencies. One of these notable features is the integration of the anonymity network Tor into its wallet, known as vergePay.

By incorporating Tor, Verge enhances its users’ privacy, ensuring that their transactions remain confidential and shielded from prying eyes. It also offers the option of sending transactions to stealth addresses, adding an extra layer of privacy and security.

Dead to dynamic: Verge regains momentum with ISO 20022 compliance

For a considerable period, the Verge project remained relatively inactive, leading many to speculate that it might have become defunct. However, in more recent times, there has been a notable resurgence of activity on the Verge network. A significant achievement in this revival is Verge’s compliance with ISO 20022 standards, making it only the second cryptocurrency to achieve such compliance after Bitcoin.

This achievement holds essential implications for Verge’s status in terms of regulatory considerations. By meeting the ISO 20022 standards, Verge strengthens its case for not being classified as a security under the SEC’s current framework. Compliance with these standards signals a level of maturity and adherence to industry norms, bolstering the argument that Verge is not subject to the same regulatory scrutiny as securities.

“The strength of our community and our unyielding commitment to decentralisation is showcased by the previous crowdfunded effort to ensure Verge’s compliance with the SEC’s Howey Test.As Verge has been verified not to be a security, the logical continuation was achieving compliance with ISO 20022, a significant milestone,” Verge’s blog post reads.

Amidst the prevailing uncertainty surrounding altcoins, Verge’s ISO 20022 compliance status may well be the catalyst behind the renewed interest and upward trajectory.