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Ravencoin price, hashrate spike as Merge draws closer Ravencoin price, hashrate spike as Merge draws closer

Ravencoin price, hashrate spike as Merge draws closer

Ravencoin is one of the few PoW tokens looking to attract ETH miners who would be affected by the Merge.

Ravencoin price, hashrate spike as Merge draws closer

Cover art/illustration via CryptoSlate

Ravencoin (RVN) has seen its price rise over 13% in the last 24 hours to $0.06359, capping a bullish week for the token.

On the seven days metrics, the proof-of-work (PoW) token spiked by almost 70% –surging from less than $0.045 to as high as $0.072– according to CryptoSlate data.

Ravencoin price performance
Source: TradingView (CryptoSlate)

Meanwhile, Ravencoin’s market cap stood at $831 million on Sept. 12 โ€” a more than 2x increase from around $300 million on Aug. 29.

Explaining Ravencoin’s green run

Ravencoin has enjoyed a new wave of interest from the crypto community as the Ethereum (ETH) merge draws near.

The coin is one of the few PoW tokens looking to attract miners who would be affected by ETH’s transition to proof-of-stake.

ravencoin hashrate
Source: 2miners

Ravencoin’s network hash rate has significantly increased over the past week, with its hashrate rising from 2.79 Th/s on Sept. 6 to 6.46 TH/s as of press time. Its network difficulty also saw a 2x increase from 37.78K to 83.12K, according to data from 2miners.com.

ravencoin network difficulty
Source: 2miners

Apart from that, FTX announced that it would support perpetual futures trading for the token, which further boosted access to the token and its trading activity.

A Ravencoin foundation member Leon Texas said:

“Ravencoin has amazing support from private sector professionals in the blockchain & security token ecosystem. It’s these professionals that help increase security token adoption & naturally with it Ravencoin adoption.”

Ravencoin gets its first play-to-earn platform

Interest in Ravencoin is also leading to the development of its ecosystem as the community looks to capitalize on the present market momentum.

The blockchain network is set to have its first play-to-earn platform with virtual reality features Meta-Z, built by NFT artist JQNFTX.

Ravencoin is the native token of Ravenchain, launched in 2018. It is a hard fork of the Bitcoin (BTC) code but with improvements like a block time of 1 minute and smart contract capabilities to support decentralized applications and NFTs.

RVN’s maximum supply is capped at 21 billion.

Posted In: Merge, Price Watch

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