Ravencoin (RVN) Surges 80% Following Upbit Listing

Ravencoin (RVN) has experienced a significant surge, climbing about 80% in the last 24 hours. Per data from CoinGecko, the token is exchanging hands at $0.01749 at the time of writing. This remarkable increase follows its listing announcement by South Korea’s leading cryptocurrency exchange, Upbit.

Upbit Listing Boosts Investors’ Interest 

In an official announcement on Thursday, Upbit exchange disclosed trading support for Ravencoin. The token is available in trading pairs with the South Korean Won (KRW). The exchange advised users to follow specific deposit guidelines. Deposits should be made through the Ravencoin network, as using unsupported networks may result in delays in returning the funds.

Additionally, as per the Travel Rule, Upbit will not credit users with deposits from unidentified virtual asset service providers (VASPs). Personal wallet deposits also require ownership verification, and large deposit amounts may require documentation regarding the source of funds.

Upbit cautioned that trading may be delayed if liquidity is insufficient after the listing begins. To ensure a controlled trading environment, the exchange has imposed initial restrictions on trading. There will be a purchase limit in place for the first five minutes. 

The exchange also enforced a minimum sell price restriction, allowing sales at no more than 10% of the previous day’s closing price. Additionally, only limit orders will be permitted during the early trading phase. Other order types will be restricted for the first two hours.

Following the listing, Ravencoin experienced an impressive surge of 80% before relinquishing some of its gains. The asset’s price spike reflects investors’ interest as its 24-hour trading volume currently stands at over $389 million. This figure represents a 4,182.10% increase from one day ago and signals a recent rise in market activity. 

The market cap of RVN is at $289 million with the total token supply fixed at 15 billion. Additionally, the token has spiked considerably in the last two weeks, showing strong upward momentum. With a price increase of 39.60% over the past 7 days, Ravencoin is outperforming the global cryptocurrency market which is down by 2.20%.

Upbit’s decision to list RVN comes as part of its broader strategy to diversify its crypto offerings to meet the needs of its customers. It underscores its role as a prominent player in the digital asset market.

As seen on various occasions, this move has a positive impact on the asset, driving its market value up. The exchange’s extensive user base and market reach have acted as a catalyst for Ravencoin’s price rally, enhancing its importance in the crypto scene.

What is Ravencoin? 

Ravencoin is an open-source blockchain platform designed for the creation and peer-to-peer transfer of digital assets. Launched in 2018, it is specifically built to facilitate the tokenization of real-world assets, such as stocks, real estate and more. 

Ravencoin enforces a unique naming system for every token created on its blockchain. This approach aims to prevent fraud and spoofing by ensuring each asset has a distinct and easily identifiable name. 

Furthermore, Ravencoin operates on a completely independent blockchain, launched as a fork of Bitcoin in 2018. The network uses a Proof-of-Work (PoW) algorithm called KAWPOW. This consensus mechanism is ASIC-resistant, favoring GPU mining to promote more decentralized participation. 

The blockchain is designed for fast, direct asset creation. It also aims to avoid Ethereum’s congestion and gas fee issues while ensuring a simple, transparent governance model. Anyone can create unique tokens on the Ravencoin blockchain that represent real or virtual assets. The network is community-driven, with no ICO or pre-mine, and no central authority controls development. 

The post Ravencoin (RVN) Surges 80% Following Upbit Listing appeared first on Cointab.