In a strange occurrence, Verge has experienced over a 30% surge in the last 24 hours after PayPal decided to abandon the adult entertainment website Pornhub. Verge’s XVG has exploded in value since PayPal broke the news on November 14 as Coin360 data shows.
The XVG creators had struck a deal with Pornhub in April 2018 and their coin seems to be a major beneficiary from PayPal’s decision.
Trade Volume
The XVG network primarily uses the anonymity-focused networks including I2P and Tor. It also implements extra layers of encryption to enhance security. Currently, the token ranks 66th on the market capitalization list globally. During the time of writing, it is trading at $0.005086.
Trading volumes have soared compared with $6,806,206 on November 14. On November 15, the traded volume stands at $18,244,214 representing a 168% increase. According to Pornhub’s 2018 Year in Review insights, the site reported 4.79 million new videos uploaded from amateurs, models and also content partners. That content fed into 30.3 billion searches translating into 962 a minute.
Pornhub claims to be the biggest adult entertainment site worldwide. When Pornhub partnered with Verge and started accepting the token for payments in April, Corey Price, the Pornhub vice president, said that:
“History has proven that the adult entertainment industry plays a critical role in the adoption of innovative technology.”
Censorship-Resistant Token
Legacy platforms have left the project in recent months without stating their reasons. But, speculators are heavily reliant on the major industry’s predicament to enhance the token’s outlook.
Pornhub partnered with crypto payment and billing startup PumaPay in August 2018 to allow its users to make payments in several cryptos for different site subscriptions including PornHub Premium.
According to previous reports from November 14, PayPal had supported payouts for Pornhub models. Some of these models confirmed that PayPal had blacklisted them for years before shuttering its Pornhub services.
