RavenCoin Surges by 85% over the Last Week

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The Merge is just two days away yet it still causes massive disruptions in the market with some positives for the crypto community (the BTC surge is a good example) and some a little bit questionable. The rise of RavenCoin ahead of the highly anticipated Ethereum merge is a big pump propped by FTX launching perpetual futures based on this asset.

Why does RVN attract attention?

Ravencoin was founded in 2018 as an alternative to the two most popular blockchain networks — Bitcoin and Ethereum. Like the former, the RavenCoin network uses the PoW consensus algorithm and limits the supply by 21 billion. Like the latter, it allows developers to use their tokens for a multitude of purposes with some non-fungible tokens minted on this network during the NFT craze in 2019 and 2020. However, it quickly became obscure overshadowed by Ethereum and Cardano.

It seems that many players in the crypto industry believe that Ethereum’s merge and the shift to the PoS algorithm will not play out as well as some experts and ETH enthusiasts think. Many are hedging against ETH by investing in projects like Cardano and RavenCoin that have the same concept and may provide more utility under certain circumstances.

At the same time, RavenCoin has a significant advantage for those who mine ETH now. Since RVN can be mined using the same approach as BTC, people who now comprise the bulk of the mining community on the Ethereum network will be interested in switching to RavenCoin and continue putting their graphic cards and ASIC units to work.

ETH miners have nowhere to go

For thousands of active ETH miners, available choices are not that compelling. You either stay on the network and become one of the validators or start mining other coins with potentially diminishing returns. The feared hard fork that could happen due to pressure from ETH miners seems unlikely at this point, but it can still happen.

The 85% increase in the RVN’s price demonstrates that the community of crypto investors is in disarray and does not know where to concentrate their Bullish efforts. RVN is only one of the coins that received massive boosts ahead of the ETH merger.


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