What happens when a crypto with huge promise appears to hit a dead end? Could that be about to happen to any of Zilliqa (ZIL), Verge (XVG), or OmiseGO (OMG)? These coins have lost much of their value in the last few weeks, after riding positive sentiment to reach promising price levels.
Read on to find which one offers an opportunity to invest more or which one could be about to hit a dead end.
Zilliqa (ZIL) currently ranks at 25th on CoinMarketCap, with a market cap of $792 million. The crypto has seen a drop in value over the last several days. It’s -9% and -26% over the last 24 hours and 7 days respectively.
Although it’s one of the coins that are relatively new, Zilliqa has risen due to the hype surrounding its potential. For many who are looking to invest in a new and promising coin, then ZIL offers that opportunity.
ZIL/USD currently trades at $0.10 low enough for any investor out for a cheap coin. Nevertheless, the platform has not been tested and it remains to be seen what it offers in coming days.
One of the things Zilliqa will have to contend with is fierce competition. The emergence of platform blockchains is a big thing right now in crypto. Now, ZIL will be up against hot coins like Ethereum, NEO, and EOS among others that offer platforms for dApps and smart contracts.
However, one thing that might count in favor of Zilliqa is its infinite scalability and ultra-fast transactions. With these, it’s likely that we’ll see an influx of dApps on the network after its mainnet launch.
The potential for Zilliqa to disrupt the platform industry means that the current decline and bearish market is an opportunity to buy.
Verge has had a mixed 2018 so far. On one hand, the privacy coin appeared to be on track to becoming one of the best coins in the market (it might still do). On the flipside, the coin had two damaging attacks on its network, raising questions of whether it was secure at all.
At the moment, Verge (XVG) looks like a coin in desperate need of something to boost it out of imminent collapse. This may sound harsh, but XVG appears destined for a very hard time ahead.
The crypto has plummeted by over 31% in the last 7 days to leave its price teetering above $0.03. If the decline continues, the tokens could be trading below that level soon.
Even positive news like listing on Bitfinex appears to have a very minimal effect on the sentiment around XVG.
The biggest challenge is to come out of the negative sentiment without extensive damage to the community. The speculation that the platform could face further attacks means investors are wary. The wave of negativity is widespread; its community on Reddit believes the team isn’t being clear enough on issues.
This is made worse by recent reports that Pornhub, the partner Verge banked on, is courting another crypto in the form of Vice Industry Tokens (VIT). If Pornhub turns its eyes towards VIT, it could spell danger for XVG. For now, it looks like there’s no opportunity in XVG, even as prices tumble.
The OmiseGO token traded at $18.71 on May 4, 2018, having had a great run in April buoyed by its upcoming implementation of Plasma. However, the token has lost nearly 50% of its value within the month.
This dramatic drop hasn’t been helped by the uncertainty surrounding the major coins like Bitcoin and Ethereum that hosts OMG as an ERC-20 token.
OmiseGO currently trades at $9.94 against the USD, dropping by nearly 6% and about 24% in the last 24 hours and 7 days respectively.
It’s not such a great time to think about selling OMG tokens. As for buying, the risk is there that the great promise might not hold. Nevertheless, the potential that the platform promises could make the risk worth it.
As opposed to many of the blockchain platforms that seek to replace or disrupt, OmiseGO’s aim is to act as a bridge that interconnects fiat and other cryptocurrencies.
The crypto wants to make selling and buying of assets secure and seamless over their decentralized exchange platform (DEX). Even though not much has come out of the crypto at the moment, there’s a lot of promise as limitless opportunities for trading continue to arise every other day.
Conclusion: ZIL and OMG could be potential opportunities as their projects are huge and promising. Verge, on the other hand, has its work cut out. It must address the vulnerability issues and hope all its partners don’t jump ship. Any other outcome would be a disaster in the making.