Is RVN’s recent pump a result of Ethereum Merge
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.
— ?? CryptoDep #StandWithUkraine ?? (@Crypto_Dep) September 10, 2022
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.
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.
— Leon Ravencoin ??? ₿ (@leon_texas) September 4, 2022
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.
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.