Why is the Verge (XVG) price soaring? It’s up 295%

What started as a slow steady bull case for the Verge (XVG) token has turned into a monster Bull Run after the token price went up by about 300% on June 3. And although the price has slightly pulled back from the June 3 high, it is still 295% high compared to where it was seven days ago.

Verge was long considered dead after it drastically dipped at the beginning of 2023 at a time when most of the cryptocurrencies showed some signs of recovery from the 2022 bear market. However, all that started to change in mid-June when the current bull trend started.

Increased Verge (XVG) activity

In addition to the price surging, the Verge has also experienced an increased trading volume, which skyrocketed by a staggering 380% on June 4 to a record $507 million. And although the trading volume had dropped to $480 million at press time, the figure still shows there is still a high trading activity.

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In addition to the increased market activity, there are speculations of possible manipulation by seasoned cryptocurrency investors otherwise known as crypto whales who could be angling to dispose of their large XVG holdings at a profit. While this is not confirmed, it is important to be careful when trading cryptocurrencies since they are extremely volatile assets.