The CEO of the Binance, Changpeng Zhao divulged that his platform would be adding Ravencoin (RVN), on October 11th, few days after revamping Binance’s unique listing fee policy. Zhao noted, with indications of a vested interest, that the lesser-known project had no Initial Coin Offering and was built-up by a committed community topped up with deferential individuals.
In an evident nod to the Ravencoin team, Zhao decided that the project’s native digital asset could be listed on the world’s largest crypto platform, Binance, without putting forward a listing fee.
RVN, which was forked off of Bitcoin in January 2018, saw a colossal surge in buying pressure, following the release of this surprising development for the project. According to some, the influx of hype was due to the kind words that Zhao said regarding the project, but still, the bottom line is that Ravencoin saw a strong move to the upside.
The digital asset was worth $0.014 a pop and was seeing close-to-zero volume on the exchanges it was supported on, preceding Zhao’s tweets regarding the project. But, the altcoin saw a 1000% increase in volume, once the tweet swiftly circulated through the cryptocurrency community. This, in turn, catalyzed an immediate 20% spike to $0.017. Ravencoin saw continually growing volume figures, in the days that followed. However, the price of RVN remained relatively steady. As the investors awoke on Tuesday, it became apparent that another price surge was in the cards, as RVN moved from $0.018 to $0.033 on Thursday afternoon.
Due to the fact that this second surge was seemingly a residual run-up following RVN’s Binance listing, the asset pulled back to $0.0279 on Saturday morning. But, earlier today, on Sunday, the team behind the project revealed that its mainnet “for the protocol asset layer” was slated to go live on October 31st, 2018, a mere 10 days away.
Evidently, the sudden listing of RVN by Binance caught many off-guard, because a majority of the investors in this emerging industry have most probably heard only diminutive morsel of information about the project on hazy Twitter threads. Protocol asset layer’s mainnet will be released on October 31, 2018.
RVN underwent its third surge in the past month, due to the aforementioned bullish news. Additionally, the coin’s volume reached near all-time highs as the altcoin moved to $0.0415, a bit shy of its all-time high, which was set in the month of March of this year. At the time of reporting, RVN has minutely scaled back to $0.0407, but the digital asset is still posting a gain of 33.15% in the past 24 hours.