Only days after announcing the new listing fee policy by the Binance CEO on October 11th, Changpeng Zhao (CZ), surprisingly revealed the Ravencoin listing on Binance. With hints of admiration, CZ stated that the project did not run an ICO and was built by dedication from a community full of humble people.
With this notes of honesty toward the Ravencoin community, the Binance CEO stated that the coin will be listed on the Binance trading platform, the biggest crypto trading platform, without setting ahead a listing fee or donation how they like to call it.
Back to listing. Ravencoin, no ICO, community project, humble people, no listing fee. https://t.co/MMJM4xyYtp
— CZ Binance (@cz_binance) October 11, 2018
Following their statements from the CEO of the largest cryptocurrency exchange, Ravencoin which is a Bitcoin fork started in January 2018 was hit by a massive buying pressure. Some said that the hype was caused by the kind words CZ used describing the team but the fact is that the price exploded from ($0.014 some days ago) to $0.059 some hours before the writing of this article.
Before CZ’s statements, Ravencoin price was around $0.014 and the volume was very low practically near to zero on the exchanges where it was listed. ImImmediatelyollowing the CZ’s tweet and the spread of the news the price surged by 20%. In the following days, volume continued to grow and the price stabilized.
On 16 October another spike in price going from $0.018 to $0.033 following the Binance. Listing. Because of the second upside run was a result of the Binance listing the coin pulled back to $0.027 on October 20. But today the team announced the launch of the mainnet “for the protocol asset layer” on October 31st which is only a few days away and the price surged again hitting a 300% gain in only one month.
The mainnet for the protocol asset layer will be released on October 31, 2018. This is the one year anniversary of the Ravencoin founding and the 10 year anniversary of Bitcoin.
The network has been live since January 3 which is the anniversary of the Bitcoin network launch.
— Ravencoin (@Ravencoin) October 21, 2018
The good news acted very bullish for RVN hitting $0.059, an all-time high. At the time of writing, RVN had a sight pull back to $0.051, despite the fact that the coin is still up 42.6% in the last 24 hours.
What Is Ravencoin?
The Binance news surprised investors who didn’ hear about the project and go rushing to buy the coin which created the big surge in price.
Ravencoin is nothing new but a Bitcoin fork created in January which aims to revolutionize the way assets are exchanged. According to the Ravencoin whitepaper, the coin is ASIC resistant and the platform will create a “full asset aware protocol level system,” allowing users to issue assets (token) similar to the Ethereum ERC-20 tokens.
While the idea is not new the Ravencoin team seems to have a new approach toward the token based blockchains according to their whitepaper notes:
“Assets created on the Raven protocol have several advantages: they are easier to use, tightly integrated with a native coin, and secured with fair POW mining and open source code not run by a centralized organization.”