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Ravencoin is up by 24% – Does Ethereum Merge make it a Safer Investment?

Ravencoin
Ravencoin

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The news of Ethereum’s Merge upgrade arrival has positively hit the entire altcoin market. As prices of man cryptocurrencies are up, people are wondering if they have become safe to invest in. RavenCoin has been up by 24% since last week.

This asset-transfer-focused blockchain is increasingly seen as one of the winners of Ethereum’s Merge, having risen parabolically since 2nd September 2022.

It is partly because Ravencoin is the form of the original Bitcoin network, specifically designed to support the development of digital assets that one can easily transfer between parties.

Like BTC, Ravencoin is also powered by the Proof of Work consensus mechanism. Since it can also be used to create digital assets, ETH miners who won’t soon have nowhere else to go will likely focus their hardware on Ravencoin.

But how would that general impact the Ravencoin price in the long term? This article gives the Ravencoin price prediction based on the current events that have suddenly put this crypto under the limelight.

What is Ravencoin?

Ravencoin might be a Bitcoin fork, but it is still one of the lesser-known cryptocurrencies in the market and ranks at #92 by market capitalization.

Ravencoin’s official website reads.

Ravencoin is a peer-to-peer blockchain that handles efficient creation and transfer of digital assets from one party to another.

Ravencoin started in 2018 (reportedly) intending to emulate Ethereum’’s asset creation abilities but within BTC’s ecosystem. The team behind Ravencoin soon increased the maximum supply of RVC – the native crypto of Ravencoin – to 21 billion and reduced the block time to 1 minute. Right off the bat, being a faster alternative to bitcoin allowed Ravencoin to gain the trust of the ecosystem.

Like Bitcoin, the Ravencoin ecosystem is also fully decentralized – with no allocation of any percentage of the total supply to the development team.

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While Ravencoin hasn’t always been the topic of discussion until now, the apps created on it have been. The most successful among those applications is Chainlink, a price oracle that tracks the real-time price of physical as well as digital assets. Chainlink has been the primary source of information for many sites that provide pricing info about cryptos.

Users can also mint airline or event tickets on the Ravencoin blockchain. Don’t mistake them for NFTs; they are real-world physical assets backed by crypto.

What are the new developments that have made the crowd watch Ravencoin closely?

Binance listed Ravencoin long ago. However, the recent listing on KuCoin has gotten the crowd to pay close attention. Users can now deposit their RVN tokens on KuCoin using the RVN mainnet.

Now, much like the Binance effect, KuCoin listing also has a pumping impact on any tokens listed. But that was largely absent in the case of Ravencoin. The tokens’ value only increased from $0.027 to $0.029 after the listing. Shortly after the listing, the recent massive rise happened, and the token price showed a blow-off top – passing beyond $0.040.

Another bullish development that has put Ravencoin under the limelight is a rumor that a new hardware wallet that will only support RVN. Furthermore, there is a new upgrade for the wallet on the platform.

However, that tweet was retweeted by the official Ravencoin handle, which leads us to believe that this new Ice Wallet is the real deal.

Ravencoin Price Prediction: Where will the price likely head next?

Ravencoin has experienced an additional 7.08% increase. That said, the short-term outlook for this token for this crypto is still in the bearish zone. The current price is accumulating near $0.036. And if it continues to do so, we might see a small 15% to 20% uptick shortly.

But those numbers will soon retrace because, besides the latest listing and the hardware wallet, not much news is there about this crypto. That said, the social media engagement of Ravencoin has increased by triple digits. If for nothing else, this can push the price just a bit, provided the token retains its momentum.

Conclusion

Ethereum’s Merge date is getting closer and will continue to impact the markets. Ravencoin is only one of many cryptos that have witnessed a price rise due to that. Will the token’s price hold up, or will it retrace? The answer depends on the short-term prospects of Ravencoin. So far, we aren’t seeing much.

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