Not a day goes by in the cryptocurrency world without an altcoin pumping because of an exchange listing. In today’s edition, Ravencoin is the current getting a lot of attention. Its impending addition to Binance has people genuinely excited, despite its low market cap and nearly non-existent volume.
Ravencoin Price Pumps Hard
Most people in the world will have not heard of Ravencoin, which is absolutely no surprise. New altcoins come to market every single week, and it is difficult to keep tabs on everything. This particular altcoin pursues the option of becoming a use case-specific blockchain to carry statements of who owns which assets. Transferring assets is its main purpose which is not necessarily all that unique.
Despite the not-so-unique angle, Ravencoin is pumping hard today. With its market cap of $38m, it is ranked 124th on CoinMarketCap. This shift has happened courtesy of a 26% price increase, primarily due to a 33% rise against Bitcoin. Speculators watching this altcoin will be quite pleased with this sudden development, although it is bound to run out of steam fairly quickly.
The main reason why this currency is getting so much attention is because Binance has decided to add it to their trading platform. This is a very interesting choice, primarily because very few people even knew the project existed. One has to commend Binance for giving small-cap coins a chance, even though the use case associated with Ravencoin is anything but unique.
— Binance (@binance) October 11, 2018
As is usually the case when announcements like these are made public, the community responds in a mixed manner. SK_Mayor, for example, is not too happy about this attention. It seems this particular user is quite salty about the removal of Bytecoin from the platform, even though this decision was not entirely unexpected either. Any illiquid markets will be removed, thus it will be interesting to see how long RVN will remain active.
— sk_mayor (@monsurusaka) October 11, 2018
NinjaBits, on the other hand, thinks Binance is making the right decision in this regard. No listing fee for the project because of the lack of an ICO and having a strong community is commendable. Moreover, NinjaBits claims it is one of the few remaining decentralized projects out there. An intriguing statement.
My dude! Such well placed timing for #RVN on #Binance. $RVN is one of the last remaining, truly decentralized projects out there. Asset Layer will be the spark that lights this candle by the end of the month. Well done sir 💪 Time to tune out the haters 🙉
— NinjaBits [Exit all Fiat] (@ninja_bits) October 11, 2018
It is more than likely the Ravencoin price pump will remain in place for a few more hours. Until trading goes live on Binance, there will be some heavy manipulation, for obvious reasons. Once the pair goes live, however, it is likely the price will crash in very quick succession, as is usually the case.