Low-Cap Altcoin Jumps After Surprise Announcement From Crypto Exchange Binance — The Daily Hodl

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The price of a lit­tle known alt­coin is surg­ing after get­ting sup­port from Binance, the world’s largest cryp­to exchange plat­form by vol­ume.
The trad­ing platform’s min­ing pool ser­vice, Binance Pool, is adding Raven­coin (RVN) to its cat­a­log of cryp­to assets as the Ethereum (ETH) merge in Sep­tem­ber spurred inter­est in the alt­coin due to its proof-of-work (POW) con­sen­sus mech­a­nism, which leaves room for mining.

Cryp­to min­ers could no longer mine the lead­ing smart con­tract plat­form after it switched to proof-of-stake (POS) mech­a­nism, caus­ing a spike in demand for proof-of-work tokens such as RVN.
RVN is used to main­tain and oper­ate the Raven­coin dig­i­tal peer-to-peer net­work, which is based on a fork of the Bit­coin code and incen­tivizes the issuance of new cryp­to assets.
The project was launched in Jan­u­ary 2018 to facil­i­tate the cre­ation and trans­fer of tokens that rep­re­sent real-world assets such as event tick­ets and air­line miles.
Binance Pool rolled out sup­port for RVN on Wednes­day, set­ting the fees for its min­ing pool at 1%.
“Binance Pool has offi­cial­ly launched the Raven­Coin (RVN) min­ing ser­vice, which uti­lizes the PPS+ set­tle­ment method. Min­ing fees for the Raven­Coin (RVN) min­ing pool are set at 1%.”
The announce­ment sparked a ral­ly for the low-cap alt­coin. At time of writ­ing, RVN is trad­ing for $0.023, up by 9.25% over the past 24 hours.
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Dis­claimer: Opin­ions expressed at The Dai­ly Hodl are not invest­ment advice. Investors should do their due dili­gence before mak­ing any high-risk invest­ments in Bit­coin, cryp­tocur­ren­cy or dig­i­tal assets. Please be advised that your trans­fers and trades are at your own risk, and any los­es you may incur are your respon­si­bil­i­ty. The Dai­ly Hodl does not rec­om­mend the buy­ing or sell­ing of any cryp­tocur­ren­cies or dig­i­tal assets, nor is The Dai­ly Hodl an invest­ment advi­sor. Please note that The Dai­ly Hodl par­tic­i­pates in affil­i­ate marketing.

Fea­tured Image: Shutterstock/Salamahin/Philipp Tur

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