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Is RVN’s recent pump a result of Ethereum Merge

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Ravencoin recently topped the table by becoming one of the market’s top gainers. In fact, it recorded a hike of over 83% in the last seven days. Needless to say, this excited many in the community, thanks to which, the crypto was soon ranking on the social volume front too. 

At the time of writing, RVN was trading at $0.05329, up by 20% in 24 hours with a market capitalization of $558,959,994. This episode might all be because of the much-awaited Ethereum Merge, which might force some miners out of business. 

RVN on fire?

A massive surge in RVN’s mining difficulty was seen too, which directly indicated a major influx of new miners in the ecosystem as they switched from Ethereum. The mining difficulty gained upward momentum on 3 September and since then, it has risen to 62.36K – Its highest level since February 2022. 

The hike in difficulty was a result of a similar surge in RVN’s total network hashrate, which also recently hit a seven-month high of 5.16TH/s. 

Source: 2miners

Earlier this month, Hiveon, a popular mining pool operator, announced the launch of a new mining pool for Ravencoin. According to Leon Ravencoin, a popular RVN influencer on Twitter, nearly 430,000 miners are about to join the RVN mining ecosystem after the launch of the new mining pool. 

Interestingly, days after the launch of Hiveon’s mining pool, it nabbed the 4th spot on Miningpoolstats’ chart. This is a huge development as it indicates a promising future for the RVN mining community. Once the Merge is completed, it will be interesting to see what is in store for RVN. 

The battle of PoW tokens

While RVN’s price and hashrate skyrocketed, another one of its competitors also flashed a somewhat similar performance. Ethereum Classic, which seemed to make the most out of the Merge, also registered massive price upticks as it gained by more than 20% in the last seven days.

Source: 2miners

Moreover, ETC’s hashrate also recently hit an all-time high of 53.45TH/s on 10 September. Surprisingly, after ETC’s hashrate touched its ATH, it declined slightly and at the time of writing was 51.04TH/s. Therefore, miners are in a dilemma about choosing the path on which they plan to move in the days to come.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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