Verge (XVG) has seen a 33% pump in the 24 hours following Paypal’s move to pull the plug on the adult entertainment website Pornhub.
XVG — whose creators struck a deal with Pornub back in April 2018 — has skyrocketed in value since the PayPal news broke on Nov. 14, as Coin360 data shows.
XVG price 7-day chart. Source: Coin360
168% increase in 24h trade volume
The XVG network uses anonymity-focused networks such as Tor and I2P, as well as additional layers of encryption to bolster security. It ranks 66th largest cryptocurrency by market capitalization globally and is trading at $0.005086 by press time.
Trading volumes have soared: as compared with $6,806,206 on Nov. 14, today’s traded volume is at $18,244,214 — a 168% increase.
According to its 2018 Year in Review insights, Pornhub, which claims to be the world’s largest adult entertainment site, reported 4.79 million new videos uploaded from amateurs, models and content partners, feeding into 30.3 billion searches — or 962 a minute.
When Pornhub first started accepting Verge for payments last April, Pornhub vice president Corey Price argued that “history has proven that the adult entertainment industry plays a critical role in adoption for innovative technology.”
Censorship-resistant currency
With legacy platforms deserting the project — without stated reason — speculators are evidently counting on the major industry’s predicament strengthening the token’s outlook.
In August 2018, Pornhub partnered with cryptocurrency payment and billing startup PumaPay to enable its users to make payments in more cryptocurrencies for site subscriptions, including PornHub Premium.
As Cointelegraph reported yesterday, PayPal had supported payouts for Pornhub models, some of whom revealed PayPal had in fact independently blacklisted them for years ahead of shuttering its Pornhub services.