Why Is Ravencoin Pumping 72% In A Week?

0

Last Updated on 15 September 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Unless you’ve been paying as much attention to the CoinMarketCap Top 100 as we do, you will not have noticed that a small coin has been getting a lot of attention as of late. Ravencoin grew by 72% in the past week. So why you ask? Well apparently there’s two reasons (three if you believe the internet).

Advertentie.

Two reasons

Firstly, there’s the Merge. Although the defendants of the Merge are keen on stressing the switch from proof of work to proof of stake as it will allow the carbon footprint to be reduced, it also leaves a lot of amateur crypto miners out of a job. They are now switching to classic proof of work coins, like Ravencoin is one.

https://twitter.com/1amSubhankar/status/1568989324368302087

Secondly, Ravencoin is experiencing what is known as an FTX bump. Whereas a few years ago, a listing of a major cryptocoin on Coinbase was enough to give it a (momentary) pump, by now the crypto platform of Sam Bankman-Fried is known to have the same effect. On 12 September FTX started listing this coin and ever since then Ravencoin has been going forward almost on a daily basis.

Lastly, according to the internet rumor mill, it has to do with the popularity of the new Game of Thrones prequel series called House of Dragons, in which Ravens are prominently featured. Don’t know if that last one it true though.