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One of the most exciting things about being involved in the cryptocurrency market is the fact that there is always the chance for a new altcoin to rise from the ranks. Just take for example Verge which took the market by surprise in December 2018. There are many factors which can influence an altcoin’s popularity, but the two most important ones are the marketing campaign and social media hype.
Verge used to stagnate at the same value for months on end, but that ended when the famous John McAfee decided to give it a shootout in one of his tweets. After John McAfee talked about Verge, the altcoin surged to an all-time high of $0.30 in only one week. While a value of $0.30 might not sound so amazing, it actually represents a 2700% increase in comparison with Verge’s original price.
Now that John McAfee took care of the social media hype, the developers who are in charge of Verge decided to take things to the next level by announcing a new technology. The technology is called Wraith Protocol and its purpose is to allow people to choose if they want to be anonymous or not.
FUD Rises Up
There are many unusual acronyms that people who are invested in the cryptocurrency market use, and FUD is one of them. FUD stands for fear, uncertainty and doubt. Therefore, an alt coin that’s surrounded by FUD is usually going downhill.
The reason why FUD rolled in is because the Wraith Protocol was scheduled to come out on New Year’s Eve and it failed to arrive on time. Seeing how the Wraith Protocol is being delayed, stock investors started pulling out which made the altcoin’s price drop to an all-time low of $0.11.