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 (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.
Meanwhile, Ravencoin’s market cap stood at $831 million on Sept. 12 — 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’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.
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.
Upcoming listing on FTX: Ravencoin $RVN perpetual futures!
— FTX (@FTX_Official) September 11, 2022
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.
NFT artist, software developer, and animator @JQNFTX is building an ambitious bold project on @Ravencoin called MΣƬΛ-Z. It’s the first platform with play-to-earn & VR features on Raven, along with art galleries and live events hosted in an open
— Rick 1984 🅁🅅🄽 𓄿 ₿ (@RavenRickGrime1) September 10, 2022
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.